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Virginia Home Sales See Third Month of Double-Digit Price Growth

 

What a whirlwind of a year! According to the October 2020 Home Sales Report  released by Virginia REALTORS®, home prices continue to surge throughout the Commonwealth, fueled by strong demand, low inventory, and favorable mortgage rates.

In October, the median statewide home sales price was $333,000, up nearly 15% compared to a year ago. This is the third month in a row that the median sales price in Virginia has increased at a double-digit rate.

This double-digit price growth occurred in every region across Virginia in October. In the Commonwealth’s largest regions—the Northern, Central, and Hampton Roads regions—median home prices were up by more than 15%. The fastest price appreciation in October was in the Southwest region, where the median home price was nearly 43% higher than a year ago.

While rising home prices are a boon for sellers, higher prices are making affordability challenges worse for buyers, particularly first-time homebuyers. The median price of a home in Virginia this October was nearly $70,000 higher than it was five years ago.

 

“All trends suggest that we will see double-digit price growth at least through the end of the year,” says Virginia REALTORS® Chief Economist Lisa Sturtevant, PhD.

Statewide, there were 13,424 home sales in October, up more than 28% from a year ago.

The increase in both sales transactions and home prices led to a surge in the total sold volume. Compared to a year ago, the total sold dollar volume in Virginia is up by more than 48%.

While COVID-19 slowed the market this spring, the rebounding summer and fall markets have fueled significant growth in the total volume of residential real estate sold in Virginia in 2020.

If you have been thinking of selling a home now is the time to add your home to the current inventory of properties available. Please contact me and request your Custom Home Evaluation. Let’s discuss your options.

From my home to yours, 

Dana

 

 

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200 Hurley Ave., NEWPORT NEWS click address for more information

Charming move in ready 3 Bedroom, 1 bath Hilton Home located just blocks from the James River and Hilton Elementary. Updated inside and out to include new water line, new drain lines, new gas line and new gas water heater in 2019. Remodeled bathroom with new vanity, porcelain flooring and new toilet. New gutters in 2020. Interior and exterior of home freshly painted. New laminate wood flooring throughout downstairs living room, dining room and kitchen. New carpet installed in bedrooms and on stairs. You do not want to miss this home, schedule your showing today!

Curious what your home's value is today? Check out this website

https://bhhstowne.findbuyers.com/DanaRobbins

Berkshire Hathaway HomeServices Towne Realty
Dana Robbins
Realtor
757-268-6675
dana@robbinsnestrealtor.com
www.RobbinsNestRealtor.com

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1 Old Oyster Point Rd. Ste. 210 Newport News, VA 23602 | (757) 873-6900

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