VIRGINIA (WDVM) — The October 2021 Home Sales Report from Virginia REALTORS shows the real estate market in Virginia is beginning to cool down after an abnormally hot market in 2020.

“Last year at this time was very unusual. We had a very busy market last year,” said Lisa Sturtevant, chief economist at Virginia REALTORS.

Sturtevant says that an unusual amount of COVID year is a large contributor to why this year’s numbers are lower.

“We’re just comparing this year to an unusually high number of sales and pending sales from last year,” she said.

Another factor in the decrease is the market is seeing more of a return to seasonality. As COVID-19 restrictions ease, people have more freedom to spend their money — and time — in other areas.

“Now, as people are going back to work and kids are going back to school, we’re starting to see the typical slow down in home sales in the fall that we would see in a more normal year,” said Sturtevant.

Below are the findings from the October 2021 Home Sales report:

  • 12,570 homes sold in Oct. 2021, down 6.4% compared to Oct. 2020
  • $350,000 median home sales price, an increase of 5.1%
  • 11,516 pending sales in Oct. 2021, down 1.7% compared to last year
  • 13,427 new listings, down 12.4% compared to Oct. 2020
  • 18,810 active listings, down 16.4%

“We’re starting to see the pace of price grow slow, which I think is good for the market and good for buyers, but we are going to see more typical home price growth in the 4-5% range going into 2022,” said Sturtevant.

Read the whole report on the Virginia REALTORS website.