Virginia ’ s Housing Market Inches Closer to More “ Normal ” Conditions September home sales down from 2020 , the first decline in over a year
Richmond , VA – ( October 20 , 2021 ) – According to the September 2021 Home Sales Report released by Virginia REALTORS ®, for the first time in more than a year , sales activity in Virginia slowed in September compared to the prior year .
There were 13,079 home sales in Virginia in September 2021 , down 2 % from September 2020 , when sales were surging due to pent-up demand from the abrupt market slowdown during the spring . “ While sales are down year-over-year , it ’ s important to remember that the market last September was unusually active ,” says Virginia REALTORS ® Chief Economist Lisa Sturtevant , PhD . “ Slower sales activity does indicate a cooling in the market , but it also suggests that we ’ re seeing more typical seasonality in the market .”
The cooling of the market can also be detected in the moderating price growth . While home prices continue to rise in Virginia , the pace of price increases has slowed down from the frenzied growth of the past year . At $ 350,000 , the September median sales price in the commonwealth was about $ 20,000 higher than last September , a 6.1 % increase .
There was about $ 5.6 billion of sold volume throughout Virginia in September , up 3.4 % from last year , an increase of about $ 200 million statewide . September ’ s growth in sold volume represents a notably smaller increase compared to the prior 14 months . Virginia ’ s inventory of available homes also saw a shift , rising 1.8 % from August to September . This is the first uptick between these two months in more than five years .
“ It would be impossible for the housing market to keep up the frantic pace we ’ ve been seeing over the past 12 months ,” says Virginia REALTORS ® 2021 President Beth Dalton . “ What we ’ re seeing is a slow return to a more ‘ normal ’ housing market , and not a big change in home buyer demand .”