May’s stats clearly reflect the impact COVID-19 and sheltering in place had on the real estate market in RVA. With the typical 45-60 day closing period, May’s numbers show a drop in market activity in early to mid-March, just as we were all trying to grasp what this virus is and wondering how it would play out. We know now that the drop in activity was fairly short-lived and was not very steep. Closings in May were only down 15% from May 2019, and my guess is that June’s stats will show us a pretty quick rebound. The market remains busy, houses are selling quickly and prices continue to rise.
Market Snapshot: April 2020