Va. home sales, inventory rises in October

Housing sales and inventory in Virginia rose in October, with closed sales up 12.5% from October 2023, according to Virginia Realtors data released Nov. 22.

Last month, 8,732 homes sold in Virginia — 968 more than sold in October 2023. The influx of closed sales in October resulted from the jump in pending sales — new contracts — in September, when mortgage rates fell into the low 6% range. Pending sales in October totaled 8,054, up 1,198 pending sales, or 17.5%, from October 2023.

Mortgage rates began rising in October, though. For the week ending Oct. 10, the weekly average 30-year fixed-rate mortgage was 6.32%, according to Freddie Mac data. The following week, the average 30-year fixed-rate mortgage was 6.44%. The average rate was 6.54% for the week ending Oct. 24, and for the week ending Oct. 31, the average 30-year rate was 6.72%.

As of Nov. 21, the weekly average for a 30-year fixed-rate mortgage was 6.84%, according to Freddie Mac data.

The Virginia market had 20,042 active listings at the end of October, a 16% increase from the same month last year. The October total is the first time the statewide active listings total has exceeded 20,000 in about four years, which signals that more sellers are slowly entering the market, according to Virginia Realtors.

New listings last month totaled 11,792, up 15.2% from the 10,232 new listings recorded in October 2023.

The month’s supply of inventory (MSI) — a measure of how many months there would be homes on the market if no new inventory were added — stood at 2.4, up from October 2023’s MSI of 2.2.

“Growing inventories of available homes is a widespread trend we are seeing across most of the commonwealth,” Virginia Realtors Chief Economist Ryan Price said in a statement. “At the end of October, 74% of Virginia’s local markets had more active listings than a year ago, showing the influx of inventory is not just a localized trend.”

The statewide median sales price in October was $415,000, up $25,000 — a 6.4% increase — from October 2023.

“While inventory conditions are improving, tight supply and pent-up buyer demand are keeping upward pressure on sales prices,” Tom Campbell with Fathom Realty, Virginia Realtors’ 2024 president, said in a statement.

Homes are selling relatively quickly but are staying on the market a bit longer than last year, according to Virginia Realtors. Statewide, homes spent a median of 15 days on the market last month, up from the 11-day median reported in October 2023.

In the Northern Virginia, Charlottesville and Harrisonburg markets, homes sold in a median of 8 days, while in the Richmond region, homes spent a median of 10 days on the market. Hampton Roads had a 21-day median.

Based in Glen Allen, Virginia Realtors represents about 36,000 Realtors and is the state’s largest trade association.