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.