According to July 2022 Virginia Home Sales Report published by Virginia REALTORS®, there were 11,346 homes sold in Virginia in July 2022. That’s nearly 26% less than in July 2021, the largest year-over-year decline in more than seven years. Overall, sales activity has moderated from last year’s level in Virginia since last fall.
While total sales activity continues to slow significantly, home prices on the market continue to rise. At $385,000, the median July selling price in Virginia was up nearly 7% from a year ago, a gain of $25,000.
As the price trajectory continues to rise, indicators suggest the upward pressure is easing. “In most price segments, homes still sell for more than the listing price, on average. However, this ratio has been declining for several months,” says Virginia REALTORS.® 2022 President Denise Ramey. “We don’t see as many bidding wars as we did just a few months ago, and we expect price growth to slow even more as market activity continues to cool.” The average sold-on-demand ratio across the state was 101.2%, down from 102.4% last month (June 2022) and down from 101.8% last July.
While Virginia’s statewide home inventory still remains low, in many local housing markets around the Commonwealth, the supply of active listings is growing. About half of all counties and independent cities in the state had more active registrations at the end of July than they did a year ago.
“The expanding supply is good news for buyers in the market,” says Virginia REALTORS® Chief Economist Ryan Price. “Buyers’ purchasing power has been affected by high inflation and rising mortgage rates. The slowdown in sales activity we’ve seen in many parts of the state is resulting in a backlog of available homes. »
The Virginia Home Sales Report is released by Virginia REALTORS®. Click here to view the full July 2022 Virginia Home Sales Report.