BTVAR Homes Sales Report – Q1 2024
Economic Conditions
- Virginia’s job base is growing. There were 10,600 more jobs across the state in February compared to January 2024.
- The statewide unemployment rate in Virginia was 2.9% in February 2024 (not seasonally adjusted), which is unchanged from a year ago. In the BTVAR footprint the February unemployment rate was 3.5%, down from 3.8% a year ago.
- Mortgage rates have been trending up for much of the past two months. The average rate for a 30-year fixed mortgage was 7.1% in the third week of April 2024. This is up from the mid 6% range at the start of the year, and up from the low 6% range a year ago.
Housing Market Conditions
- Home sales trended up this quarter in the BTVAR region. There were 159 homes sold regionwide in the first quarter, up 20% from a year ago, a gain of 26 sales.
- Home prices are rising in some parts of the BTVAR footprint. The median sales price in the region was $173,000 in the first quarter, climbing 19% from last year, a $27,300 jump.
- It continues to take longer to sell homes in the BTVAR market. The average days on market in the area was 99 days in the first quarter. This is 22 days, or about three weeks longer than last year.
