Virginia Association of Realtors
All information on this webpage tab is based on the Virginia Association of Realtors and will be updated on a monthly basis, once new data becomes available.
Virginia Home Sales Report
July 2024
Key Take Aways:
01
Sales activity picked back up in Virginia’s housing market last month. There were 9,947 homes sold throughout the state in July 2024, an influx of 962 sales from last July, reflecting a 10.7% increase.
02
Price points continue to climb in Virginia’s housing market.
The statewide July median sales price was $426,000, jumping up $26,000,
a 6.5% increase from July of last year.
03
The influx of sales and rising home prices led to a large increase in sold dollar volume this month in Virginia. There was approximately $5.2 billion of sold volume throughout the commonwealth in July, an 18.1% surge, which is about $800 million more volume than last July.
04
Inventory continues to expand in Virginia’s housing market. There were 19,162 active listings statewide at the end of July, 4,223 more listings than a year ago, a 28.3% increase.
Overview
Job growth continues to occur in Virginia, but the rate of growth is slowing. The statewide unemployment rate remains well below the U.S. rate and continues to be stable. Mortgage rates have improved and are now in the mid-6% range for a 30-year fixed, about a half of a percentage point below where they were just a couple months ago.
There were about 4.26 million jobs statewide in July 2024. This is approximately 4,800 more jobs than the prior month. Virginia’s job base has been growing all year, but the pace has moderated somewhat in the past couple months.
JOBS
Most of the additional jobs added between June and July were in the Leisure & Hospitality sector (+4,600 jobs), the State Government sector (+2,100 jobs), and the Retail Trade sector (+1,100 jobs).
The Local Government sector shed 2,500 jobs and the Finance & Insurance sector shed about 1,500 jobs.
The strongest growth this month was in the Winchester and Harrisonburg regions (+0.7% each).
Northern Virginia and Lynchbyurg were the only regions with a decline in jobs between June and July (-0.3% each).
Virginia’s unemployment rate held steady at 2.7% in July, unchanged from June. The U.S. unemployment rate continues to trend higher, reaching 4.3% in July, up from 4.1% in June. Virginia’s unemployment rate continues to be much lower than the nationwide rate. Virginia’s unemployment rate has been trending down so far in 2024 while the U.S. unemployment rate has trended up.
Mortgage
Rates
As of February 15th, the average rate for a 30-year fixed mortgage was 6.77%. This is up from 6.64% in the prior week, but down from 7.44% three months ago. Rates have been trending up for two straight weeks after declining steadily since November.
County/City Home Sales
July YTD
Activity rose in Virginia’s housing market in July as mortgage rates improved and supply expanded. There were more sales and pending sales than last year, and more listings were on the market. Home prices continue to trend upward, and the housing market remains competitive in most parts of the state.
Sales activity in Virginia’s housing market trended back up in July after slowing down in June. There were 9,947 homes sold statewide in July 2024, 962 more than a year ago, which is a 10.7% increase. The influx of sales reflects the improvement with mortgage rates and more supply in the market. About 64% of all counties and cities in Virginia had more sales in July than last year. The largest gains this month occurred in the Greater Piedmont Region, the Shenandoah Valley, and parts of Northern Virginia. The sharpest decline in sales in July occurred in the Tri-Cities market south of Richmond, the Williamsburg region, and the Northern Neck market.
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Home prices continue to climb in Virginia. The statewide median sales price was $426,000 in July, up 6.5% from this time last year, a gain of $26,000. Most local markets are experiencing upward pressure on home prices with about 77% of counties and cities having a higher median sales price than last July. The sharpest price growth this month was in the Southern Virginia region, parts of the Shenandoah Valley, and the Southern Piedmont area. The median price fell slightly in the Danville area, the Martinsville region, and the Tri-Cities market compared to last July.
Market conditions remain competitive in Virginia. The average sold-to-list price ratio statewide was 100.4% in July, down slightly from June. Sellers in most price bands continue to get above asking price, on average. Homes that sold between $600K and $800K had an average sold-to-list price ratio of 101%, and homes priced above $800K sold at 101.1% of asking price on average in July, the highest ratio of all price ranges this month. Homes that sold between $200K to $400K, which is the most common price range in Virginia, sold slightly above asking price, on average, in July (100.3%).
Most of the homes sold in Virginia in July, about 37.7% of sales, went for $200K to $400K. Homes in the $400K to $600K price range accounted for about a quarter of all sales in July (26%), which is up from last July. The largest jump this month was on the higher end of the price spectrum. Homes that sold above $800K accounted for 14.4% of all sales statewide in July, up from 12.2% of all sales a year ago.
Days on the market
Homes stayed on the market longer than last July in Virginia. The statewide median days on market was ten days, three days longer than this time last year. Homes sold in a week or less in the Northern Virginia and Richmond markets, the fastest in the state. The median days on market was a month or longer in the Eastern Shore, the Northern Neck, and the Martinsville area.
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