Are home prices dropping in Virginia?

Despite the slowdown in sales, prices continue going up. The statewide median sales price was $350,000 in February. This is $28,550 higher than it was in February of 2021, which is an 8.9% increase—the sharpest gain since June of 2021. On average, homes continue to sell higher than list price in Virginia.

How is the housing market in Virginia right now?

In March, Virginia’s median home sales price was $375,000—nearly 12% higher than in March of last year. While year-over-year sales slowed, Virginia did see a significant jump of more than 40% in sales between February and March 2022.

Is now a good time to buy a house in Virginia?

Best Time of Year to Buy in Virginia That period lasts until the first half of May. In terms of the range of choices, spring is the best time for buyers in Virginia. Inventory is at its highest and you get to take advantage of the increased supply. By the same token, it’s also the time when prices tend to go up.

Is the housing market cooling off in Virginia?

The market has been red-hot over the past year, but experts say things are cooling down. According to the Richmond Association of Realtors, homes in the Central Virginia region are selling faster on average — a consistent trend over the last seven years.

What is the real estate market like in Virginia?

Home prices statewide were up 10.5% year-over-year in March. At the same time, the number of homes sold fell 4.6% and the number of homes for sale fell 16.4%.

Should I wait until 2022 to buy a house?

Waiting could really pay off Mortgage rates are likely to keep rising this year due to plans on the part of the Federal Reserve to raise its federal funds rate several times in 2022. As borrowing gets more expensive, buyer demand is likely to wane. That could, in time, lead to lower home prices.

Is it a buyers market in Virginia?

According to Virginia REALTORS® President Denise Ramey, “Local housing markets across Virginia continue to see strong buyer demand, but very low inventory remains a challenge. It will continue to be a strong sellers’ market as we head into 2022.”

Are house prices going to crash 2022?

Will there be a property market crash? David Hannah, Group Chairman at Cornerstone Tax, said: “I don’t predict a property market crash in 2022. The surge in demand, even with rising interest rates, represents an adequate amount of liquidity, which is a good sign.”