Counting increases in both sales and median sales prices, about $2.5 billion in additional market volume changed hands across Virginia during the first seven months of 2024 compared to the same period a year before.
That’s according to figures from the Virginia Realtors trade group, which recorded jumps in both parts of that equation:
• Total sales for the first seven months of 2024 stood at 60,544, up 2 percent from 59,344 for 2023.
• The median sales price of $410,000 was up 5.4 percent from $389,000.
As a result, total sales volume for the January-through-July period stood at $31.1 billion, up from $28.6 billion a year before. That’s an increase of about 8.7 percent.
With an increase in inventory and declines in mortgage-interest rates, it’s possible that the remaining months of the year could see a larger percentage boost in year-over-year sales. Whether higher inventory results in a flattening of sales prices remains to be seen.
Figures represent most, but not all, homes on the market. All July 2024 figures are preliminary and subject to revision.
