It’s immediately evident that something BIG happened in March of 2020 when you look at the number of homes sold in May over the past three years. Since most home closings take place in 45-60 days, we see a large drop two months after the start of the shut-down caused by the pandemic. It didn’t last long, though. This year we’ve surpassed even pre-pandemic numbers for Homes Sold, with Median Sales Prices that continue to soar. There is some good news for buyers, however. In the past few weeks, we’re noticing a slight tick-down in the fervor of multiple offers and astronomically-over-ask prices. It seems some buyers are saying “I can’t compete” and declining to throw their hats in the ring. This bodes well for the entire RVA real estate scene, as returning to merely a strong market rather than an insane one brings more stability. Stability is good.
Market Snapshot: April 2021