The Virginia Realtors report showed increases in home sales, listings and prices in the housing market in April. (AP Photo/Matt Rourke, File)
RICHMOND, Va. (WFXR) — From the April 2024 report published by Virginia REALTORS.®The Commonwealth’s housing market saw its largest sales increase since 2021.
According to the report, 9,416 homes were sold in April, an increase of 14.1% compared to April 2023.Virginia Association of Realtors® This reflects an upward trend in sales activity that began at the beginning of the year and is expected to continue throughout the year, the company said.
In addition to the increase in home purchases, the report also found that the number of new and active listings will expand from 2023 onwards. The data shows that compared to April last year, the number of new listings has increased by 19.1%, with the number of active listings now increasing by more than 16,000. As of the end of March, it had increased by 18.1%.
“While overall supply remains low, the number of new and active listings increased this month,” the Virginia Association of Realtors said.® President Tom Campbell. “The housing market is competitive, and the average number of days on the market is only seven days.”
But home prices are also rising across the state. The statewide median sales price in April 2024 was reported to be $416,548, an increase of $25,548, or 6.5%, from 2023. Although the number of listings and sales are increasing, rising demand for housing is weighing on the state’s housing market.
“Mortgage rates fell slightly in May but are still higher than they were in 2010.
2024 is here,” says Virginia Realtor® CEO Terry Suit. “While 30-year fixed rates remain above 7%, there are signs that consumers are adjusting to higher rates.”
Although the market is growing at the same rate as in 2023, soaring home prices remain a concern, even with the influx of new properties. “Prices are likely to continue rising as demand for housing outpaces increases in property supply,” said Ryan Price, chief economist at the Virginia Association of Realtors.
For more information or to view the full report, visit the Virginia REALTORS website.
