Year-over-year home sales across Virginia opened 2024 slightly higher than 2023, with median sales price up in all eight geographic regions of the commonwealth.
A total of 6,640 properties went to closing in January, according to figures reported Feb. 23 by the Virginia Realtors trade group. That’s up 0.2 percent from the 6,627 transactions in January 2023, marking the first year-over-year increase statewide in two years.
The twins of affordability and availability remain the key drivers of continuing tough market conditions.
“Many homeowners looking to buy another home remain reluctant to lose the low mortgage rates they are currently locked into,” said Ryan Price, chief economist for Virginia Realtors. “Because of this, many would-be sellers are choosing to pause their plans and not list their home for sale.”
Hope, however, springs eternal.
“If mortgage rates continue to fall further as we proceed through the year, more move-up buyers could be enticed to enter the market, and this could provide some much-needed inventory supply across the commonwealth,” said Terrie Suit, CEO of the trade group.
Five of the eight geographic regions across Virginia saw higher year-over-year sales, led by Eastern Virginia (up 13.2%) and including the Shenandoah Valley (+9.6%), West-Central Virginia (+7.2%), Southside Virginia (+6.4%) and, eking out an increase of 0.1 percent from 1,658 to 1,660 homes, Northern Virginia.
Regions of the commonwealth with year-over-year declines included Southwest Virginia (-4.8%), Hampton Roads (-3.3%) and Central Virginia, including the Richmond area (-2.5%).
All eight geographic areas posted year-over-year increases in median sales prices, with the statewide total of $371,889 up 6.3 percent from a year before. Two areas (Eastern Virginia and Southside Virginia) saw double-digit increases.
Among the eight areas, median sales prices in January ranged from $175,750 in Southside to $580,000 in Northern Virginia – the latter figure representing a jump of 7.1 percent.
Total sales volume for the month stood at $2.58 billion, an increase of 6.9 percent from a year before. Active listings at the end of the month were up 2.4 percent to 15,229, which may provide more options for prospective purchasers as the winter sales season sashays into the more active springtime market.
Figures represent most, but not all, homes on the market. All January 2024 figures are preliminary and are subject to revision.
