The 2024 real-estate market locally and across Virginia will depend on sellers deciding the time has come to stop sitting on the sidelines and get their homes into the game.
And a new survey among Virginia’s real-estate pros suggests guarded optimism that springtime could be when that starts to happen.
The monthly “flash survey” conducted by the Virginia Realtors trade group at the end of December asked participating real-estate professionals where they believe the market will be in three months’ time. Among the 549 respondents, including 364 who participated in at least one transaction over the preceding month, there are signals that point upward.
The Seller Activity Index, based on responses of those participating in the survey, for the market three months in the future stood at 37 on a 0-to-100 scale. That’s up from 27 a month before, and while not a robust figure, was the highest recorded in all of 2023. (The Seller Activity Index for the current environment stood at just 13 in the latest survey, conducted Dec. 27 to Jan. 4).
As for prices, 46 percent of respondents believe they will be higher three months into the future, 21 percent suggests they will be lower and 28 percent think they will be essentially unchanged.
