BTVAR Homes Sales Report – Q2 2023

Economic Conditions
- Virginia’s job base continues to expand, which generates demand for housing. There were approximately 6,900 jobs added to Virginia’s economy between April and May 2023.
- The statewide unemployment rate in Virginia was 2.7% in May 2023 (not seasonally adjusted), which is down from 2.9% a year ago. In the BTVAR region, the unemployment rate was 3.5% in May, unchanged from a year ago.
- Mortgage rates continue to fluctuate widely. In the third week of July 2023, the average rate on a 30-year fixed mortgage was 6.78%, which is down from 6.96% the week prior.

Housing Market Conditions
- There were 142 sales in the BTVAR housing market in the second quarter, a 19% decrease from last year, or 33 fewer sales.
- The median sales price in the BTVAR market was $142,230 during the second quarter, down by about $9,000 from a year ago, which is a 6% decline.
- The average days on market in the BTVAR footprint in the second quarter was 73 days, down by 14 days from the second quarter last year.