According to Virginia’s Treasury Secretary, the Commonwealth of Virginia expects a budget surplus of half a billion by the end of June. The state’s economy far exceeded expectations during the COVID-19 pandemic and recession, and a key driver was the strength of the residential real estate market. The boom in the real estate market has contributed to a 40 percent increase in government revenue from taxes on deeds and other court records.
“The strong Virginia home sales activity has been driven by the steady growth in higher paying professional jobs and historically low mortgage rates,” said Lisa Sturtevant, PhD, Virginia REALTORS® Chief economist. “The strength of the residential real estate market was critical to the resilience of the state’s economy.”
Virginia REALTORS® worked closely with lawmakers to ensure the industry stays open in the Commonwealth. “Our association has worked with the governor’s office, lawmakers and regulators throughout the pandemic to ensure our members can stay in business. These efforts have been instrumental in ensuring that Virginia’s sales and rental markets have not stagnated or stunted, but have remained healthy and have contributed significantly to Virginia’s economic recovery, “says Virginia REALTORS® CEO Terrie suit.
“Over the past 16 months, while other states have closed real estate through strict restrictions, our 36,000 members have responded by changing our business practices, models, and customer interactions, and by adhering to strict CDC guidelines. By introducing new technologies and processes, REALTORS® of Virginia continues to pave the way through economic recovery, ”says Virginia REALTORS® 2021 President Beth Dalton.