Jan. Va. home inventory was at all-time-low

Virginia’s housing market set another record in January, hitting an all-time-low of inventory, according to a new report released by Virginia Realtors this week.

At the end of last month, there were 12,203 total active listings, which is 4,478 fewer than this time in 2021, a drop of nearly 27%, according to the industry group. The pace of shrinking inventory accelerated in spring 2020, and the total inventory is about a third of what it was three years ago.

The largest supply reductions were in the Northern Virginia and Richmond markets, Virginia Realtors said.

“Low inventory continues to be a major constraint on the housing market. Home sales activity would likely be much stronger, except buyers are not finding anything to purchase,” Virginia Realtors Chief Economist Lisa Sturtevant said in a statement.

Other key takeaways for Virginia residential sales in January:

• There were 8,063 home sales in Virginia in January, down 9.5% from a year ago.
• Statewide, the median home sales price in January was $337,500, which is 7.1% over the January 2021 median price.
• Sold volume in January was $3.4 billion, down 2.2% compared to January 2021.
• The inventory level fell 9.4% between December and January.