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Low supply expected for 2021
Sydney Lake// December 17, 2020//
Virginia home sales were up by more than 30% in November — marking the greatest increase in home sales activity in more than six years, according to data released Thursday by Virginia Realtors.
During the month of November, there were 11,590 home sales in Virginia, an increase of 2,681 from the same time last year. Year-to-date figures show a 6.7% increase in home sales.
While the number of home sales increased during November, so did median home sales prices. The median home sales price in Virginia for the month of November was $328,000, a 13.8% increase compared to last year. While demand remains high, Virginia Realtors expects there to continue to be a lack of supply continuing into 2021.
“At the end of November, we saw a decline in active listings of nearly 40% compared to what was on the market just one year ago,” Virginia Realtors Chief Economist Lisa Sturtevant said in a statement. “It’s possible that the market could see a slowdown in activity as Virginia’s homebuyers face increasingly limited options.”
