Va. housing market broke records in 2021

Last year Virginia’s housing market was one for the record books, according to a new report released Jan. 21 by Virginia Realtors.

In 2021, there were 154,340 home sales statewide, a 10.2% increase over 2020, according to the industry association. The median sales price was $350,000, a $30,000 jump, or 9.4% increase, from the previous year.

Virginia Realtors attributes the growth to historically low mortgage interest rates, record sales activity and tight inventory.

At the end of December 2021, there were 13,469 active listings, a 24.2% drop from the year before, or nearly 4,300 fewer listings.

“Virginia’s housing market is very strong. The biggest challenge in the market is a lack of inventory. Sales are slowing down a bit because buyers are having a hard time finding homes to consider,” said Virginia Realtors President Denise Ramey in a statement.

The total sold volume in 2021 was $66.8 billion, an increase of more than 22% over 2020, or $12.1 billion. The average number of days a home was on the market last year was 25 days. On average, homes were on the market about two weeks less than those put on the market in 2020.

The majority of the home sales took place early in the year, with activity beginning to cool in the fall.

“At the end of 2021, home sales activity slowed compared to the very fast pace of last year at the same time. Nevertheless, demand remained very strong over the year,” said Virginia Realtors Chief Economist Lisa Sturtevant in a statement.