In its February 2021 Home Sales Report, Virginia Realtors says that homes in Virginia sold above their asking price on average, sales have quickened, and housing inventory has continued to shrink last month.
For several months, strong demand, limited inventory and historically low mortgage rates have driven price growth in Virginia. In February, the median sales price statewide was $320,000, up nearly 10% from the previous year. Home prices have quickly risen in the past seven months, and the median sales price in Virginia is now $59,000 higher than it was five years ago.
With the pandemic further shrinking inventory, homes on average are selling significantly faster. In February, homes were on the market an average of 35 days statewide, 17 days faster than a year ago.
