<body><div><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=1t3fnF_0ukBlVvw00" alt="https://img.particlenews.com/image.php?url=1t3fnF_0ukBlVvw00" width="1200" height="600" >ROANOKE, Va. (WDBJ) - WDBJ7 first reported in January that the Virginia housing market could be taking a turn for the better heading into the new year. But how is that fairing now that we’re midway through 2024?Unfortunately, interest rates didn’t see the drop realtors were expecting, but there is a mixed bag of good and bad news for buyers and sellers in other areas of the market.According to the June 2024 Virginia Home Sales Report recently released by Virginia REALTORS®, there were 10,018 homes sold across the commonwealth in June. This is 974 fewer sales than June 2023. Despite this month-over-month decline, overall sales activity across Virginia this year is slightly outpacing the first six months of 2023. Even with mortgage rates being higher than they were the first half of last year.Virginia REALTORS® Chief economist, Ryan Price said that could suggest buyers are getting more acclimated to the higher rate environment.“There’s kind of a supply and demand imbalance right now in the housing market and because of that, we’re seeing a lot of competition for homes, but we’re seeing a little bit fewer sales overall,” said Price.Along with high mortgage rates, Virginia buyers continue to face the challenge of rising home prices. The largest median price increases in June were in the Southside region, parts of Northern Virginia, and the Richmond Metro Area. In June, the statewide median sales price reached $431,380, a 5% increase from the same time last year. Price growth trends are taking place across most of the commonwealth, with about 68% of Virginia’s county and city markets experiencing median price gains in June.In the Roanoke Valley, the median sales price was $329,000, which is about $25,000 higher than it was in 2023, while Montgomery County is seeing its median sales price at $356,000 staying steady from last year.“Affordability is becoming an issue in some local markets, particularly our job centers here in Virginia, where you have the double whammy of higher prices and elevated mortgage rates. We still have sales activity, but it is pricing out some folks depending on your budget,” said Price.But there is a bright spot for the state, inventory gains.“We actually have more listings than we did last year, which is good news for buyers particularly. There are more options, there are more new listings, there’s a little bit more new construction activity. It’s still a tight market, but there are more options out there compared to last year. So, to me that’s a good sign,” said Price.Virginia REALTORS® said there were 18,340 active listings on the market at the end of June. This is an influx of 3,662 listings from this time last year, an increase of almost 25%.Price said new neighborhood developments across our hometowns is helping with the housing shortage, but as long as demand outweighs supply, folks can expect to see prices of homes continue to trend upward.</div></body>

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Midway through 2024, Virginia home sales activity outpacing last year

ROANOKE, Va. (WDBJ) - WDBJ7 first reported in January that the Virginia housing market could be taking a turn for the better heading into the new year. But how is that fairing now that we’re midway through 2024?. Unfortunately, interest rates didn’t see the drop realtors were expecting, but...