CAAR Launches REALTOR® in the Community Commercial
CAAR 2023 4th Quarter Home Sales Report Now Available
The CAAR 2023 4th Quarter Market Home Sales Report, a custom report prepared by Virginia REALTORS®, is
now available.
Economic Conditions
- Virginia's job market continues to be resilient. There was an influx of 7,900 jobs in the Commonwealth between October and November 2023.
- The statewide unemployment rate in Virginia was 2.9% in November 2023 (not seasonally adjusted), which is down from 3% a year ago. In the CAAR region, the unemployment rate was 2.6% in November, up from 2.5% a year ago.
- After approaching 8% at the end of October 2023, mortgage rates have been trending down 10 of the last 12 weeks. In the third week of January 2024, the average rate on a 30-year fixed mortgage was 6.6.%, which is down from 6.66% the week prior, but up from 6.15% a year ago.
Housing Market Conditions
- Sales activity continues to cool in the CAAR region. There were 817 sales in the CAAR housing market during the fourth quarter, 100 fewer sales than last year, which is an 11% decrease.
- Upward pressure on home prices continues to be a key factor in the CAAR area. The median sales price in the CAAR footprint during the fourth quarter was $435,000, climbing a solid 9% from this time last year.
- The supply of active listings in the CAAR region continues to get smaller. There were 674 active listings on the market at the end of the fourth quarter regionwide, down 9% from a year ago.
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.