Home sales decline amidst COVID-19 pandemic, but homes are selling quickly in Virginia

Virginia News

FILE – This June 20, 2019, file photo shows an existing home is offered for sale. (AP Photo/John Bazemore, File)

RICHMOND, Va. (WFXR) — Home sales were down in Virginia due to the COVID-19 pandemic, but the decline was not a severe as anticipated. Some local markets even remained strong during the month of April.

According to the April 2020 Home Sales Report released by Virginia REALTORS®, there were 10,146 total sales statewide in April 2020, which is down 6.9% from a year ago.

The biggest declines in sales occurred in the Shenandoah Valley region (down 17.9%) and Northern Virginia (down 13.3%).

However, in the surrounding Richmond area, sales activity was relatively stable compared to a year ago, and Southside saw higher sales numbers than this time last year.

While the number of sales declined, homes weren’t staying on the market too long. In April 2020, across Virginia, homes sold in an average of 41 days. This is nearly 2 weeks faster than a year ago.

There were only 13,149 new listings brought to the market in April, down 28.4% from last year.

Home prices continue to rise across the Commonwealth. The statewide median home sales price was $310,000, up 5.3% over April 2019. Despite the slowdown of sales, there is little evidence of sellers drastically reducing list prices in order to attract buyers.

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