Home sales in Virginia surged in September, prices expected to rise

Sales are expected to remain high for the rest of the year.
Courtesy WVIR
Courtesy WVIR(WVIR)
Published: Oct. 26, 2020 at 3:39 PM EDT
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CHARLOTTESVILLE, Va. (WVIR) - Home sales surged across the commonwealth during the month of September and sales are expected to remain high for the rest of the year.

According to a report by Virginia REALTORS®, home sales increased by more than 30% compared to this time last year. In the Charlottesville area, sales were up by 29% and prices were up by 9% compared to 2019.

This comes as people continue to move to smaller markets from places like Richmond or Washington, D.C.

“Demand has been strong but the level of homes available for sale, that supply, has been shrinking every single month and that is making it difficult for many home buyers, particularly first-time home buyers and buyers with more moderate incomes,” said Chief Economist Lisa Sturtevant.

Even though realtors say mortgage rates are expected to stay low, prices in the Charlottesville area could continue to rise as people continue to relocate.

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