Virginia Realtors predicts 11% jump in home sales, rise in unemployment
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Virginia’s largest trade association has released its 2024 Economic & Housing Market Forecast, predicting what is ahead for the commonwealth.
Among the predictions made by Virginia Realtors in the report are a net job change in Virginia of 0.1 percent (approximately 3,000 jobs) in 2024 compared to 2023, and an unemployment rate expected to rise from 2023’s predicted rate of 2.9 percent. By the end of 2024, the unemployment rate is projected to climb to 3.6 percent.
As for home sales, Virginia Realtors predicts an 11.4 percent increase in sales overall in 2024. The median home price in Virginia is expected to increase by 1.2 percent over 2023. New housing starts are predicted to increase 7.1 percent in Virginia in 2024, and mortgage rates are expected to trend downward to about 6.15 percent by the end of next year.
To view the complete report, visit https://virginiarealtors.org/research/reports/other-reports/virginia-economic-housing-market-2024-forecast/.
