If you’ve been wondering what’s going on in the Virginia housing market, you’re not alone. The latest update from Virginia Business shares some interesting news about what’s happening—and what might be around the corner.
Here’s the big picture:
Fewer Homes Are Selling Right Now
Home sales across Virginia dropped again in April. Compared to the same time last year, about 74 fewer homes were sold. That’s a small dip—less than 1%—but it’s part of a larger trend that’s been happening for a few months.More Homes Are Hitting the Market
While sales have slowed a bit, the number of homes for sale has gone up—by more than 35% compared to last April. This is the biggest increase in listings we’ve seen in years. More inventory means buyers have more options to choose from.Where You Live Still Matters
Not every part of the state is seeing the same trends. Some areas, like Northern Virginia and Richmond, saw an increase in sales. Other regions, such as parts of Southwest Virginia, saw declines. Every local market is a little different.Why Is This Happening?
A mix of economic uncertainty and higher mortgage rates has made some buyers more cautious. There are also job cuts and concerns tied to federal budget changes. All of this adds to the hesitation some people are feeling about making a move.
Good News for What’s Ahead
The forecast isn’t all cloudy. Virginia REALTORS® predict that sales will bounce back later this year and into 2025. Lower mortgage rates and the growing number of homes on the market could bring more buyers off the sidelines.
Bottom Line:
If you're thinking about buying or selling, now is a smart time to talk with a trusted Realtor®. With more homes available and positive signs for the months ahead, we’re here to help you navigate the market and make the most of your move.
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This update is based on the article “Virginia housing sales drop again, but listings spike 35.5%” by Josh Janney, published in Virginia Business. You can read the full article here: Virginia Business.