Inventory grew in Va. housing market in July

Inventory grew for Virginia’s housing market in July, according to Virginia Realtors data released Aug. 21. 

At the end of July, there were 19,162 active listings in the state, which was 4,223 more listings than in July 2023 — a 28.3% increase. Of those listings, 12,439 came onto the market in July, a 13.6% increase from the same time last year. 

“Virginia’s inventory of active listings has been expanding every month so far in 2024,” Ryan Price, chief economist for Virginia Realtors, stated in a news release. “Even with more listings, the overall supply level remains tight and continues to favor sellers with the average sold-to-list price ratio above 100%.”

In July, 9,947 homes sold in Virginia, up 962 sales, or 10.7%, from July 2023.

The statewide median sales price in July was $426,000. That’s $26,000 higher than the median price last July, a 6.5% increase.

“Because demand still far outweighs supply in Virginia’s housing market, it’s likely that these conditions will continue putting upward pressure on prices as we approach the fall market,” Tom Campbell, president of Virginia Realtors, said in a statement. 

Homes in Virginia stayed on the market for a median of ten days in July, three days longer than in July 2023. 

The statewide housing market had 8,643 pending sales last month, which is 326 more than in July 2023, a 3.9% increase. 

The average 30-year fixed-rate mortgage on Aug. 22 was 6.46%, according to Freddie Mac data. 

“Amid a competitive market, one welcome piece of news is that mortgage rates have been trending downward,” Virginia Realtors CEO Terrie Suit said in a statement. “If this trend continues, it is likely to bring more buyers and also sellers into the market.”