CAAR 2023 3rd Quarter Homes Sales Report Now Available
The CAAR 2023 3rd Quarter Home Sales Report, a custom report prepared by Virginia REALTORS®, is now available
In addition to providing housing metrics, this report provides you and your clients with an in-depth look into local, state, and national economic conditions including unemployment rate comparisons, job change by industry, monthly permits for new residential construction, and more. Download the full report today! Economic Conditions
Housing Market Conditions
- Job growth continues in Virginia. There were approximately 6,700 jobs added in Virginia between July and August 2023.
- The statewide unemployment rate in Virginia was 3.1% in August 2023 (not seasonally adjusted), which is down from 3.3% a year ago. In the CAAR region, the unemployment rate was 2.8% in August, down from 2.9% last year.
- Mortgage rates continue to climb, reaching their highest level since 2000. In the third week of October 2023, the average rate on a 30-year fixed mortgage was 7.63%, which is up from 7.57% the week prior, and up from 6.94% a year ago.
- Sales activity remained slow in the CAAR region. There were 980 homes sold in the CAAR market during the third quarter, 226 fewer sales than a year ago, reflecting a 19% drop.
- While sales activity has been sluggish, home prices continue to climb. The median sales price in the CAAR footprint in the third quarter was $440,000, rising 9% from the third quarter last year.
- The inventory in the CAAR housing market is tightening. There were 737 active listings on the market at the end of the third quarter, an 11% reduction from last year.
If you have a question about today's market, contact a REALTOR® today using mycaar.com
for residential properties and cvcmls.com
for commercial properties. They have the expertise, tools, and local insight you need to make the best real estate decision.