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Virginia’s Spring Market

The real estate market took a major hit in early 2020 as the Covid-19 pandemic ravaged the world. However, since that point two years ago the market has recovered impressively, with home sales peaking in 2021. As mortgage rates hit a historic low, and the supply of homes trended downwards, the average home prices skyrocketed. This spring market in Virginia isn’t any different. Here are the trends defining the market this spring:

What's the Current State of the Market?

The Virginia real estate market has recovered steadily from the lows of the pandemic. As of February 2022, real estate prices were up 8.5% from last year. Currently, the median home price in Newport News, Williamsburg, and the surrounding coastal regions is $233,000. On average, homes sell after around 25 days on the market, an improvement from the 28 days that houses spent on the market before selling in 2021. In Newport News alone, an impressive 220 homes were sold in February 2022, up from 197 in 2021.

How Hot is the Market?

Virginia has one of the most competitive real estate markets. It has remained extremely resilient to the economic meltdown brought about by the Covid-19 pandemic. For instance, Virginia Beach homes are ranked #1 nationally for having the fewest median days in the market.

This shows that Virginia, particularly the coastal areas, is a seller’s market. Most homes that get listed receive multiple offers. Some of these offers come with waived contingencies. On average, homes in the coastal regions of Virginia sell at roughly 4% above the list price, whereas those in other areas sell at 1% above the list price.

What's AtTractive About this Market?

Virginia’s real estate market has rebounded impressively from the slump witnessed during the Covid-19 pandemic. Even before the pandemic hit, the state had a strong and thriving economy, primarily driven by the travel/recreation, financial, and government sectors. The state also has a long-established reputation as an excellent place to start a business, live, and even grow a career. Pristine Atlantic beaches, Washington D.C., and the Blue Ridge Mountains are all close to major cities in the state.

The excellent quality of life in Virginia also makes it attractive. Moreover, the state has low crime rates, excellent healthcare and education systems, and advancement opportunities. Thus, it’s no surprise that more people are purchasing homes in cities such as Williamsburg and Newport News.  

Looking Forward

Those looking to get into the Virginia spring market may wonder, what’s to come? Well, the demand for homes in Virginia will continue to rise, especially in urban and city areas with high employment. It is predicted that home prices will increase by about 4.1% in 2022. Mortgage rates will also continue to rise.

If you’ve been looking to get into the Virginia real estate market, there’s no better time to buy property than now. Contact me, Bubba Hutchison, to help you find your next home in coastal Virginia. Using local knowledge and market experience I will assist you in finding your dream home!

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