CAAR 2023 1st Quarter Homes Sales Report Now Available

The CAAR 2023 1st 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 - There were about 3,200 jobs added to Virginia’s economy between January and February 2023. Most regions around the Commonwealth have now fully recovered net jobs lost in the spring of 2020.
- Virginia’s unemployment rate was 2.9% in February 2023 (not seasonally adjusted), which is up from 2.7% a year ago. The unemployment rate continues to be historically low, but has started to inch up, rising three of the last four months. In the CAAR region, the unemployment rate was 2.6%in February, which is up from 2.5% a year ago.
- Mortgage rates have been volatile since initially falling in January, then rising for five straight weeks, and then falling again for five straight weeks. In the third week of April 2023, the average rate on a 30-year fixed mortgage was 6.39%.
Housing Market Conditions - The 2023 housing market is off to a slow start in the CAAR region. There were 688 homes sold in total across the area in the first quarter of 2023, down 23% from last year, the lowest first quarter sales total since 2016.
- The first quarter median sales price in the CAAR market was $401,200. This is $11,300 higher than it was a year ago, a 3% increase.
- The supply of active listings continues to build up in the CAAR footprint. There were 700 active listings on the market at the end of the first quarter, 228 more listings than a year ago, a 48% increase.
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.