Buyers had more inventory to choose from, sellers were getting higher prices and Realtors were walking away with larger commission checks from the commonwealth’s homes market in July.
A total of 9,947 properties went to closing across the Old Dominion during the month, according to figures reported Aug. 21 by the Virginia Realtors trade organization. Though lower than July totals of 2020-21-22, the figure was up 10.7 percent from 2023 – helped by more properties on the market and a slight easing of mortgage-interest rates.
The greater Piedmont area, Shenandoah Valley and portions of Northern Virginia showed strength; Williamsburg, the Northern Neck and areas south of Richmond were weaker. Among the eight broad geographic areas of the commonwealth, only Southside posted a year-over-year decline, dipping 1.7 percent (from 229 to 225 sales).
The statewide median sales price also rose, growing 6.5 percent to $426,000, with all eight geographical areas of the commonwealth and 77 percent of Virginia’s cities and counties seeing increases.
Sellers still had control of the market, to a degree, receiving an average 100.4 percent of listing price for homes.
Inventory at the end of the month stood at 19,162 homes, up 28.3 percent from a year earlier and giving prospective purchasers more to choose from.
Where is the market headed? The number of pending sales reported for the month (8,643) was up 3.9 percent from a year before. Those pendings likely will translate into consummated transactions in a month or two.
Figures represent most, but not all, homes on the market. All July 2024 figures are preliminary and subject to revision.
