This drop is more than 20% lower than last September’s volume, reflecting the commonwealth’s slowdown in home sales activity.ĭespite the cooling market, the statewide median home price last month was $365,000-a gain of nearly $15,000 in the past year alone. In total, there was about $4.5 billion of sold volume in Virginia in September, about $1.1 billion less than a year ago. So far in 2022, the largest drops in sales have occurred in coastal communities such as Northern Neck and the Chesapeake Bay & Rivers region, along with Northern Virginia and parts of the Shenandoah Valley. This is 3,062 fewer sales than September 2021, a decrease of more than 23%. Click here to view the full January 2022 Virginia Home Sales Report.Īccording to the September 2022 Virginia Home Sales Report released by Virginia REALTORS ®, there were 10,172 homes sold in Virginia in September. The Virginia Home Sales Report is published by Virginia REALTORS ®. It will continue to be a seller’s market in Virginia for the foreseeable future as supply remains so low. In Virginia, homes are now selling nearly twice as fast as they were in January two years ago. The demand has led to strong price growth and accelerated the speed of sales. So far, 2022 has been very busy as some buyers are trying to get into the market before mortgage rates go higher,” says Virginia REALTORS ® 2022 President Denise Ramey. “Buyers are snapping up homes very quickly knowing there is not much on the market. Home sales activity would likely be much stronger, except buyers are not finding anything to purchase,” says Virginia REALTORS ® Chief Economist Lisa Sturtevant, PhD. “Low inventory continues to be a major constraint on the housing market. While most local markets in Virginia had fewer active listings than a year ago at the end of January, the largest supply reductions were seen in the parts of the Northern Virginia and Richmond markets.ĭespite a strong pipeline of interested buyers, the low supply has led many would-be sellers to hold off on listing their homes. Historically, five or six months of supply has been indicative of a healthy housing market. The months of supply statistic is calculated by taking the average monthly sales over the preceding 12-month period and dividing it by the inventory of active listings. There was about 0.95 months of supply at the end of January, down from 1.41 months at the same time last year. ![]() The total inventory in Virginia is now about a third of the level it was three years ago.įor the first time ever, total supply in Virginia’s housing market dipped below one month. ![]() The inventory has been shrinking for years in the commonwealth, but the pace has accelerated since the spring of 2020. There were only 12,203 total active listings in the state at the end of January, which is 4,478 fewer listings than this time last year, a drop of nearly 27%. According to the January 2022 Virginia Home Sales Report released by Virginia REALTORS ®, the supply in Virginia’s housing market continues to dwindle, setting new record lows.
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