The Rural & Suburban Shift is Happening in Virginia
Amid COVID-19 , Virginia homebuyers seek homes outside of dense areas .
Richmond , VA – ( September 18 , 2020 ) – According to the August 2020 Home Sales Report released by Virginia REALTORS ®, sales in rural and suburban markets have seen a significant rise .
Across Virginia , home sales increased as homebuyers returned to the market in force following the spring slowdown caused by COVID-19 . Statewide , there were 13,745 home sales in August , up 12 % over last year . Home prices also continued to surge , reflecting strong demand , limited supply , and low mortgage rates . In August , the median statewide home sales price was $ 330,000 , up more than 10 % over August 2019 .
Amid the booming summer market , lifestyle changes brought on by COVID-19 had a distinct impact on homebuying trends . In Virginia , the number of sales in rural counties this summer was 15 % higher than last year . By comparison , sales were up 12 % in suburban markets and up only 6 % in urban communities .
The ability to work from home , coupled with concerns about
COVID-19 in dense areas , may be pushing homebuyers to seek out rural and suburban areas .
“ Since the appearance of COVID-19 , we ’ ve been hearing anecdotal stories about workers looking to move to smaller communities now that they ’ re able to telework ,” says Virginia REALTORS ® Chief
Economist Lisa Sturtevant , PhD . “ Virginia ’ s summer sales data provides the first concrete evidence that there has , indeed , been growing interest in suburban , and especially rural , communities .”
It remains to be seen whether the “ work-from-home ” trend is a long-term shift that will have a permanent impact on housing preferences in Virginia and beyond .
The Virginia Home Sales Report is published by Virginia REALTORS ®. Click here to view the full August 2020 Home Sales Report . Current and past reports are available to members , media , and real estaterelated industries through the organization ’ s website .
About Virginia REALTORS ®
Virginia REALTORS ® ( previously known as the Virginia Association of REALTORS ®) is one of the largest professional trade associations in Virginia , representing 35,000 REALTORS ® engaged in the residential and commercial real estate business .
Virginia REALTORS ® is celebrating its 100-year anniversary in 2020 .
NOTE : The term REALTOR ® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS ® and subscribes to its strict Code of Ethics .