Housing inventory in most of Virginia continues to drop
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Home sales in Virginia dropped by more than 21% this September when compared with the same month last year, according to the Virginia Realtors' Virginia Home Sales Report. A total of 8,023 homes sold across the commonwealth last month – 2,149 fewer sales than occurred in September 2022. The numbers highlight the slowest September market in Virginia in more than a decade.
In total, there were 18,188 active listings throughout Virginia at the end of September, 1,605 fewer than a year ago, an 8.1 percent decrease.
Even with the slowdown in transactions, the market remains competitive, as evidenced by climbing prices and the fact that the average seller is continuing to bring in above asking price. In addition, homes continue to sell quickly, as there are few options to choose from. The statewide median sales price in September was $380,000, climbing $15,000 from September of last year, just over a 4 percent increase. Home prices are climbing in most regions in Virginia despite the sharp slowdown.
For the complete Virginia Home Sales Report, visit https://virginiarealtors.org/research/reports/home-sales-reports/september-2023-home-sales-report/.
