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Wednesday, May 29, 2024

With Tight Inventories and Rising Home Prices, Virginia Remains a Sellers’ Market

Photo by Tierra Mallorca on Unsplash

RICHMOND — March-through-May homes sales totals were down in Virginia, returning to 2015 levels, with May’s sharpest drops in sales occurring in parts of Northern Virginia, Hampton Roads, and the Roanoke region according to Virginia REALTORS.

The decrease reflects hesitation from both buyers and sellers that is constraining the market, according to Virginia REALTORS, the trade association representing over 38,000 realtors in the residential and commercial real estate business.

“It remains a sellers’ market here in the commonwealth,” says Virginia REALTORS 2023 President Katrina M. Smith. “While homes are taking about a week longer to sell, on average, compared to this time last year, most sellers are still getting more than asking price for their home.”

According to the May 2023 Virginia Home Sales Report released by Virginia REALTORS, there were 10,292 homes sold across the state last month, 2,756 fewer sales than May 2022, just over a 21% drop.

Prices have held firm even as the market has slowed, a reflection of the tight inventory conditions. The inventory of active listings shrank in Virginia in May, the second consecutive month that active listings have dipped after six months of growth

“In Virginia’s spring market, we’ve seen activity trending below average on both sides of the table; however, market conditions remain very competitive in many local markets around the state,” says Virginia REALTORS Chief Economist Ryan Price. “Despite the current mortgage rate conditions, which have kept some would-be buyers on the sidelines, the already tight inventory conditions worsened by stagnant seller activity has kept the market competitive for buyers here in Virginia.”

The Virginia Home Sales Report is published by Virginia REALTORS. Click here to view the full May 2023 Virginia Home Sales Report.

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