BTVAR Homes Sales Report – Q2 2024

Economic Conditions
- Job growth continues in Virginia’s economy. There were 8,800 additional jobs added statewide
between April and May 2024.
- Virginia’s unemployment rate fell to 2.7% in May 2024 (not seasonally adjusted). This is down
from 2.8% in May 2023. In the BTVAR region, the unemployment rate was 3.5% in May, which is
unchanged from a year ago.
- The average rate for a 30-year fixed mortgage was 6.77% in the third week of July 2024. This is
down slightly from the same time last year (6.78%), but up from the start of 2024 (6.62%).

Housing Market Conditions
- Sales activity inched up in the BTVAR housing market this quarter. There were 189 homes sold
regionwide in the second quarter, which is seven more sales than a year ago, reflecting a 4%
increase.
- Upward pressure on home prices continues to be a factor in the area. The median sales price in
the BTVAR footprint during the second quarter was $178,360, climbing 8% from a year ago, a
$13,360 gain.
- The inventory of active listings is shrinking in the area. There were 215 active listings on the
market at the end of the second quarter in the BTVAR market. This is a 19% decrease from this
time last year.