PORTSMOUTH, Va. (WAVY) – Home sales in Virginia continue to decline, but there are signs that next year’s market could improve.
According to Virginia Realtors November 2023 Virginia Home Sales Report, there were 6,948 home sales across Virginia for the month of November, which is a 9.5% decrease from last year. The report finds that this is the smallest year-over-year decline in two years.
The numbers from the report also show that some housing markets in Virginia could be nearing a dip in supply. The number of active listings compared to last year showed a drop of less than 1%.
“In November, we saw the commonwealth’s smallest decrease in active listings in eight months,” says Virginia Realtors Chief Economist Ryan Price. “While this might seem minor, after years of dwindling supply numbers the last few months of data indicate the inventory levels could be stabilizing. There was also a small uptick in new listings this month, which is also a sign that the supply level may have bottomed out.”
Even with Virginia’s 2023 housing market remaining slow, there are signs that 2024 could see improvements.
“Though inventory conditions remain tight, it’s likely we’ll see some improvement in the coming year as pent-up demand among existing homeowners builds,” says Virginia Realtors 2024 President Tom Campbell. “Mortgage rates have started to decline, and they are projected to fall further over the next year. This could entice some homeowners who have been unsure about listing their homes to enter the market.”
According to the report, the median sales price in Virginia’s housing market was $385,000 for the month of November, a $20,000 increase from last year.
Homes are also found to be selling quickly, with a median of 13 days on the market.
Continue to check WAVY.com for updates.