Virginia home inventory at record low

Virginia Realtors reports about 12,000 active listings in January

Posted

February 25, 2022




by

Robyn Sidersky


Image courtesy of Virginia Realtors

Virginia’s housing market set another record in January, hitting an all-time high in 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, down 4,478 from this time in 2021, a decline of nearly 27%, according to the industry group. The pace of inventory reduction accelerated in the spring of 2020, and the total inventory is about a third of what it was three years ago.

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

“Low inventory continues to be a major constraint in the housing market. Home sales activity would likely be much stronger except buyers find nothing to buy,” Lisa Sturtevant, chief economist at Virginia Realtors, said in a statement.

Other key takeaways for Virginia home sales in January:

  • There were 8,063 home sales in Virginia in January, down 9.5% from a year ago.
  • Statewide, the median home sale price in January was $337,500, up 7.1% from the January 2021 median price.
  • Sales volume in January was $3.4 billion, down 2.2% from January 2021.
  • Inventory levels fell by 9.4% between December and January.