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Stat: How Many Virginians Are Being Priced-Out of the Housing Market in 2024?
When regulations add to the price of a home, Virginians get priced out. Share these 2024 statistics, provided by the National Association of Home Builders, in discussions with local government officials and members.
- Median new home price, Virginia: $461,542 (income needed to qualify: $138,000)
- Median new home price, S.: $495,750 (income needed to qualify: $152,000)
In Virginia: A $1,000 increase in the cost of a median-priced new home prices 3,846 households out of the market. Virginia has 3.48 million households, and 2.3 million (66%) cannot afford a median-priced home.
Nationwide: A $1,000 increase in the cost of a median-priced new home prices 106,031 U.S. households out of the market. The U.S. has 134.7 million households, and 103.6 million (77%) cannot afford a median-priced home.
Regs: DEQ Stormwater Management Transition Period, July 2024-June 2025
This year, the Virginia Department of Environmental Quality released the Virginia Stormwater Management Handbook, Version 1.0, marking a major step in consolidating and modernizing regulatory guidance documents for new development, redevelopment and retrofits to existing development.
- Under DEQ’s one-year transition period, any erosion and sediment control and stormwater management plan submitted between July 1, 2024 and June 30, 2025 can use either a.) the existing handbooks, manuals, and guidance, or b.) the new Handbook. HBAV compiled a guide to assist professions navigating the new Handbook and accessing relevant resources. Get it.
Building Code: New Building Code Enforced Statewide Jan. 18, 2025
Every three years, Virginia updates the Virginia Uniform Statewide Building code that originates from the International Code Council’s model I-Codes. HBAV participates with the Virginia Board of Housing throughout the code adoption process. HBAV will offer an in-person code training at the Virginia Builders Summit. Online code update training is now available for free through the Code Academy Learning Center. Updated codes will be enforced starting Jan. 18, 2025.
- Access self-paced, online training through the Code Academy Learning Center
- Review Residential Code updates in the 2021 Code Change Companion Guide, starting on page 62
Event: Virginia Builders Summit, Sept. 24 in Richmond
Kick off Q4 at the Virginia Builders Summit on Sept. 24 with your peers, competitors and industry friends. Expand your market, learn best practices, forge new connections, and discover new ways to build your business. Hosted by the Home Builders Association of Virginia, the Summit is Virginia’s premier event for the industry. Sessions include: 2021 Virginia Uniform Statewide Building Code training, NAR Settlement Update, Market Trends & Data, Creating a Culture of Sales Excellence and Retention, Hiring & Retaining, and an Economic Update. More at vabuilderssummit.com.
In our next update, we’ll brief you on our priorities in the 2025 General Assembly.