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Year-to-date Va. home sales down, prices still higher than 2022

Inventory issues remain key driver of market at moment
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With a third of the year already in the history books – time flies! – the Virginia real-estate market is down but certainly not out.

Total statewide home sales during the January-through-April period dipped 27 percent to 29,075, according to new figures from the Virginia Realtors trade group. But at the same time, median sales prices inched higher, increasing 2.7 percent to stand at $374,900 during that period.

The dip in year-over-year sales isn’t surprising, as the market at the start of 2023 was blazing hot. Prospective buyers were trying to buy in before interest rates rose too high, and sellers were using the market frenzy to cash in.

Now, while buyers continue circling in the market, many homeowners are more than happy to sit tight on the rock-bottom interest rates they obtained in recent years. The result is an ongoing inventory crunch, which is having the effect of propping up sales prices.

Counting up the sales and prices, total sales volume for the first four months of the year stood at $13.4 billion, down 26 percent from $18.1 billion during the same period in 2022.

Figures represent most, but not all, homes on the market. April 2023 figures are preliminary and are subject to revision.