Report: Fewer homes for sale in Virginia
“The inventory situation in Virginia’s housing market continues to worsen,” Virginia Realtors Chief Economist Ryan Price said Tuesday, August 22.
Price says there are fewer homes listed on the market and fewer new homes being built.
“Homeowners are locked into interest rates that are much lower than what the current interest rates are, and so they don’t have a lot of incentive to list their properties,” he said.
Price also says even though inventory is slow, the market remains competitive.
“Homes are still selling relatively quickly,” he said. “In the Charlottesville market, I looked at the data, it was about a week. So the median amount of days a home is on the market is only seven days.”
Price says the best way to navigate through the housing market is to talk to a professional and to broaden your criteria.
“I really think it makes sense to sort of look at different types of properties that maybe you hadn’t considered before. Look in different areas, different communities that you may not have looked in before,” he said.
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