Virginia’s Housing Market Strong Ahead of COVID-19
March 26, 2020
According to the February 2020 Home Sales Report released by Virginia REALTORS®, the Commonwealth’s housing market was strong in the early part of 2020, with robust demand and low inventory. That strength will help mitigate the potential impacts of COVID-19.
In February 2020, Virginia’s housing market was thriving—home prices were steadily increasing as demand continually grew. There were 7,383 total sales statewide in February 2020, up 5.6% from a year ago. The numbers of home sales were up strongly in the Commonwealth’s biggest markets, including the Northern, Central, and Hampton Roads regions.
The median sales price in February was $292,000 statewide, up 8.3% over February 2019. The biggest increase in sales was among those with a closed price of between $600,001 and $800,000.
The biggest challenge Virginia’s housing market faced in February was the dwindling lack of inventory. At the end of February 2020, there was a total of 27,903 active listings across the Commonwealth, down 20.6% compared to one year ago.
Going into March 2020, consumer confidence remained high; however, it is likely these consumer confidence measures will fall this spring. Says Virginia REALTORS® Chief Economist Lisa Sturtevant, PhD, “Heading into the spring, local housing markets across Virginia were strong, and February was a good month for the market. While the full impact of COVID-19 is not yet certain, strong economic fundamentals in the Commonwealth can help support a quick recovery. We’ll know much more when March housing market data are available in mid-April.”
For resources and updates regarding the impact of COVID-19 on Virginia’s housing market, click here.
You might also like…
Which parts of Virginia are Millennial and Gen-Z homebuyers facing affordability challenges?
By Dominique Fair - March 28, 2024
By Dominique Fair, Research Associate 2023 was a challenging year for homebuyers as interest rates and home prices remained elevated making it harder for people to buy a… Read More
Cost-Burdened Renters: America’s Rental Trends
By Dominique Fair - March 19, 2024
The multifamily market saw many ups and downs with high renter demand, rent hikes, and a surge in apartment construction in 2022. The Joint Center for Housing Studies… Read More
Female Homeownership: Past to Present Trends in Virginia and the U.S.
By Dominique Fair - March 5, 2024
Every year in March, we remember and highlight the contributions that women have made throughout history and in the present day. One of the areas that women have… Read More