Long & Foster’s year-end market report details real estate trends
In a year unlike any other, the initial shock and the lockdowns in the early days of the pandemic led to a slowdown in the real estate market, only to give way to a robust spring that continued for the remainder of the year.
Home sales throughout the region were 8% higher than in 2019, while luxury home sales ($750K+) increased nearly 50% over the year prior, according to the Long & Foster | Christie’s International Real Estate Year End 2020 Richmond Region Market Report.
Housing inventory remained tight during the past year, with December inventory in the region dropping 55% below December 2019 figures. The high-end market also experienced a 24% decline in properties for sale. Although the number of homes for sale in the region declined, the number of luxury properties sold priced from $750K to $1.9M increased 44% and homes sold in the $2M to $4.9M price range were nearly 117% higher than in 2019.
“Real estate shined as a bright star in the economy last year, and it set the foundation for a strong rebound this year,” said Jeffrey S. Detwiler, president and CEO of The Long & Foster Companies. “While the beginning of the pandemic saw the real estate market shudder, the strength of our business, combined with historic low interest rates and pent-up demand, shifted the direction upward – where we have remained ever since.”
In addition to highlighting major trends in the Richmond region, the report spotlights individual neighborhoods. It also summarizes the local luxury market by the types of homes (for example, single family, townhomes and condos) sold in individual neighborhoods, providing an in-depth analysis of the residential market. View the report in its entirety here.