BTVAR Homes Sales Report – Q1 2022

Economic Conditions
- Virginia’s economy continued to improve in early 2022, despite rising inflation and the escalating
conflict overseas. Economic conditions are solid in the Bristol region, with a steady decline in the
regional unemployment rate.
- Even as the economy improves, consumer confidence is shaky. In March 2022, the measure of
expectations of future economic conditions fell to its lowest level since 2013.
- Mortgage rates are on the rise. In the second week of April, the average 30-year rate hit 5%, the
first time it has been at this level in 11 years.

Housing Market Conditions
- There were 139 homes sold in the BTVAR region in the first quarter, up 21% from last year, which
is an influx of 24 sales.
- Home prices moderated this quarter in the BTVAR footprint. The median sales price in the area
was $134,508 in the first quarter of 2021, falling 6% from last year, a drop of about $9,000.
- The average days on market in the region during the first quarter was 71 days, which is 59 days
faster than a year ago.