Home Sales Pick Up in Virginia as Mortgage Rates Drop and Inventory Grows

As we move into fall, Virginia’s real estate market is showing signs of renewed activity. The July 2024 Virginia Home Sales Report, released by Virginia REALTORS®, highlights a significant uptick in home sales and inventory across the state, offering buyers more options.

In July 2024, a total of 9,947 homes were sold across Virginia, marking a 10.7% increase from the previous year. This jump reflects an influx of 962 additional sales compared to July 2023. Alongside this surge in sales, inventory has expanded notably. At the end of July, there were 19,162 active listings statewide—an increase of 28.3%, with 4,223 more listings than the previous year. Additionally, 12,439 new listings hit the market, a 13.6% rise from the same time last year.

“Virginia’s inventory of active listings has been expanding every month so far in 2024,” says Virginia REALTORS® Chief Economist Ryan Price. Despite the increase in listings, the market continues to favor sellers, with the average sold-to-list price ratio remaining above 100%.

One encouraging development for both buyers and sellers is the downward trend in mortgage rates. Virginia REALTORS® CEO Terrie Suit notes that rates are now in the mid-6% range for a 30-year fixed-rate mortgage, about half a percentage point lower than in May. If this trend continues, it could further stimulate the market.

The statewide median sales price also saw an increase, reaching $426,000 in July—a 6.5% rise from last year, with most of Virginia’s counties and cities experiencing higher median sales prices compared to July 2023.

With demand still outpacing supply, these conditions are likely to keep upward pressure on prices as we approach the fall market.

For a more detailed analysis, you can view the full July 2024 Virginia Home Sales Report published by Virginia REALTORS® here.

If you are interested in buying or selling a home in the Williamsburg area, contact me, John Womeldorf, for expert advice and personalized service. You can reach me by phone at 757-254-8136, email at [email protected], or visit my website at mrwilliamsburg.com.