Home prices in Virginia continued to surge during October due to high demand, low inventory and mortgage rates, according to a report released by Virginia Realtors on Tuesday.
Northern Virginia, Central Virginia and Hampton Roads saw median home prices rise by 15% when compared with the same time last year. The median statewide home sales price was $333,000 — with the Southwest region seeing median home prices up by 43% when compared to last year.
Although higher home prices benefit sellers, that is making affordability more challenging for buyers, according to Virginia Realtors. October’s median home price was nearly $70,000 higher than it was five years ago.
“All trends suggest that we will see double-digit price growth at least through the end of the year,” Virginia Realtors Chief Economist Lisa Sturtevant said in a statement.
More than 13,000 homes sold in October, a 28% increase from last year. The summer and fall markets led to the growth in residential real estate sold, according to Virginia Realtors.