According to Virginia Realtors, the Virginia housing market is set to make a comeback in the summer of 2020 after a significant decrease in sales during the spring.
According to the May 2020 Home Sales Report released by Virginia Realtors, there were 10,411 total sales statewide in May 2020, down 20.5% from a year ago.
Reports show homes are selling very quickly, indicating that there are still many home buyers competing for listings.
In May 2020, in most markets across Virginia, homes sold in an average of 38 days, which is more than a week (9 days) faster than last year at this time. Those buyers who delayed purchasing their home this spring are now looking this summer.
• Mortgage rates continue to be at
historically low levels, which
provides a major incentive for
both refinancing and new home
purchases.
• Economic conditions have
improved, but rising COVID-19
cases in some parts of the State
has led to more uncertainty
about reopening businesses and
schools.
• While buyers are returning to the
market, there are not enough
sellers to meet demand. A lack of
available inventory is a
persistent challenge for potential
home buyers.
