(Richmond)- Virginia is seeing a major housing shortage. Lisa Sturtevant, chief economist for Virginia Realtors says inventory is down 44-percent compared to the same time last year. She says many homeowners are getting offers the first day they list their house on the market, and on average houses are only on the market for 35 days as of February. Sturtevant says this is likely due to historically low mortgage rates, millennials starting to buy houses and baby boomers staying put for longer.
