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home sales

A bar graph showing Virginia home sales in past Octobers. Figure courtesy Virginia Realtors
Nov 22, 2022

Va. home sales saw sharp drop in October

Virginia home sales in October decreased by 30.2% from the same time last year, the largest year-over-year sales decrease in more than a decade, according to a Virginia Realtors report released this week. In October, 8,828 homes sold in Virginia, 3,828 fewer than in October 2021. Nationally, home sales declined for the ninth straight month […]

Home prices still increasing
Oct 28, 2022

Mortgage rates above 7% shock volatile housing market

Charlottesville Realtor Denise Ramey has a client who put in multiple bids for houses over the summer, when the market was booming, but they were all turned down. Now, with mortgage rates topping 7% for the first time in more than 20 years, he’s not sure if he will buy a house at all — […]

A slow shift
Sep 29, 2022

A slow shift

Jeremy Caleb Johnson is advising clients preapproved for a mortgage loan at the beginning of 2022 to adjust expectations. The price of houses they may have looked at just months ago likely not only went up significantly, but the low interest rates available then have also risen dramatically. “What you may have been able to […]

March NoVa home sales down 4.9% from 2021
Aug 12, 2022

July NoVa home sales drop 29% from 2021

As price growth slowed and inventory increased slightly, Northern Virginia housing sales dropped 28.8% in July compared with last year, according to a Northern Virginia Association of Realtors report published Friday. “More options are available to homebuyers now that the market is calming. It remains a seller’s market, but the feeding frenzy has subsided somewhat,” […]

Multifamily residences sell in Suffolk, Norfolk
Aug 12, 2022

Hampton Roads’ July active house listings down

Hampton Roads’ active residential listings in July continued to lag behind monthly totals for the past four years, according to Real Estate Information Network Inc. data published in August. Active listings have dropped steadily every July since 2014. At the end of July, there were 4,129 homes actively listed in the region. In 2021, that […]

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Jul 25, 2022

Va. housing market sees sharp drop in sales

The housing market is cooling off, compared to a year ago. Home sales in Virginia dropped by nearly 19% in June, compared to sales in June 2021, the sharpest drop in the housing market since the beginning of the pandemic, Virginia Realtors reported Friday. In June, 13,324 homes were sold in Virginia, which is 3,208 fewer […]

March NoVa home sales down 4.9% from 2021
Jun 24, 2022

Va. median home sales price breaches $400k for first time

The statewide median sales price for a home in May rose above $400,000 for the first time, according to the Virginia Realtors‘ May 2022 Virginia Home Sales Report. The median price was $401,082, up 8.7% and more than $32,000 from a year ago. In total, 13,048 homes sold in Virginia in May, an 8.5% decrease […]

Jun 10, 2022

Economic growth to continue slowing, ODU experts say

The U.S. economy will continue to slow in the second half of 2022 and a recession is increasingly likely, according to the Old Dominion University’s Dragas Center for Economy Analysis and Policy’s mid-year economic forecast released Friday. Increases in inflation are expected to slow as well but harden, leaving costs elevated, report Robert McNab and […]

March NoVa home sales down 4.9% from 2021
Apr 22, 2022

March NoVa home sales down 4.9% from 2021

Northern Virginia saw fewer home sales last month compared with March 2021 due to low inventory and higher rates, according to a Northern Virginia Association of Realtors report published Friday. The market saw a 4.9% decline in home sales over March 2021, not far off from the 4.5% drop nationwide. “I expect that rapid price […]

Mar 25, 2022

Median home prices rose 9% in Va. since 2021

The cost of buying a home in Virginia increased nearly 9% in the past year, according to a March 21 report from Virginia Realtors. The statewide median sales price in February was $350,000, or $28,550 higher than it was in February 2021. That’s an 8.9% increase and the sharpest gain since June 2021. Not only […]

Jan. Va. home inventory was at all-time-low
Feb 25, 2022

Jan. Va. home inventory was at all-time-low

Virginia’s housing market set another record in January, hitting an all-time-low of inventory, according to a new report released by Virginia Realtors this week. At the end of last month, there were 12,203 total active listings, which is 4,478 fewer than this time in 2021, a drop of nearly 27%, according to the industry group. […]

Vinod Agarwal. Photo by Mark Rhodes
Jan 26, 2022

Va. economic growth will slow in 2022, ODU economists predict

Virginia’s economy is likely to grow at a slightly slower pace in 2022 than it did last year, with the COVID-19 pandemic continuing to make future predictions murky, according to the 2022 Annual Economic Forecast released Wednesday by Old Dominion University’s Dragas Center for Economic Analysis and Policy. “If we can control COVID-19, the economy […]

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