Report: Seller’s market for Virginia homes

CHARLOTTESVILLE, Va. (WVIR) - Virginia Realtors announced its 2024 Economic and Housing Market Forecast. It predicts that there will be more home sales in 2024 then 2023.

The report says home sales will increase by about 11% from 2023 levels, but compared to other years, that is still slow.

“It’s certainly still a seller’s market, and we see that in the data from low inventory levels,” Virginia Realtors Chief Economist Ryan Price said. “Homes are selling very quickly.”

Price says the median days on the market in Virginia is about a week, which can put pressure on buyers to offer above the asking price.

“Sellers certainly have, I think, the the advantage right now just because of the low inventory and also because there’s really a lot of pent-up demand,” he said.

Price say another issue is the cost to borrow: Mortgage rates have been hovering above 7% for more than a month.

“Which is the longest it’s hovered this high since the early 2000s, and we don’t expect much of a improvement really towards the end of this year,” he said.

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