RICHMOND, Va. (CBS19 NEWS) — Experts say more buyers are entering Virginia’s housing market even though sales were nearly flat in September and supply remains limited. I’m thinking.
Virginia Realtors releases the Virginia Home Sales Report for September 2024, showing that the number of homes sold this year increased by less than 1 percent compared to the number of homes sold in September 2023. Masu.
According to the release, there has been a significant increase in pending sales, suggesting that lower mortgage rates are causing more people to consider purchasing.
Nearly 8,120 homes went under contract during September, an increase of 978 homes pending sale compared to last year. This is an increase of almost 14%.
“This is the largest increase in pending sales in Virginia’s housing market in more than three years, likely driven by lower mortgage rates last month,” said Ryan Price, chief economist at Virginia Realtors. he said. “When interest rates fell to near 6%, more buyers decided to come off the sidelines.”
The competitive market environment is also reflected in an increase in median home sales prices, which are up more than 10% compared to September 2023, according to the release.
The median price across Virginia in September 2024 was $419,000, an increase of more than $39,000. This is the largest dollar increase in the statewide median since spring 2022, the group reported.
However, there was also a significant increase in the number of active listings across the Commonwealth.
There were more than 19,700 active listings on the market in September, an increase of nearly 19% over last year.
“Virginia’s supply situation remains tight, but it is improving,” said Tom Campbell, President of Virginia Realtors® 2024. “Since the beginning of this year, the number of active listings has exceeded 2023 levels every month.”
Click here to view the full report.
CNN’s latest headlines
