The November 2021 Homes Sales Report published by Virginia REALTORS® states that Virginia’s inventory of homes is rapidly decreasing.
The report states that at the end of November, there were only 16,242 active listings in Virginia, which is down 25% from this time last year.
Even though inventory has been on the decline, the rate slowed over the summer. However, inventory began disappearing rapidly in October and was not replaced with a flurry of new listings. Conversely, as inventory continues to drop, buyer demand continues to skyrocket. Higher demand equates to higher prices, resulting in a competitive market.
Virginia REALTORS® 2022 President Denise Ramsey says, “Local housing markets across Virginia continue to see strong buyer demand, but very low inventory remains a challenge. It will continue to be a strong seller’s market as we head into 2022.”
To view the full November 2021 Home Sales Report, click here.