Despite a cooling demand, the prices for Virginia homes continues to climb, according to Virginia REALTORS®.
The statewide median sales prices for a home in May was $401,082, up 8.7 percent from one year ago.
This is the first time Virginia’s median home price has climbed beyond the $400,000 mark.
In May 2022, 13,048 homes were sold in Virginia, an 8.5 percent decrease from last year.
While sales activity rose between April and May, Virginia REALTORS® reports this is due to a typical seasonal bump.
Nearly all regions in Virginia are experiencing a cooling housing market through the first five months of the year compared to last year.
“The moderating trend we are seeing reflects not only a return to more normal levels, but also a cooling of demand from home buyers,” says Virginia REALTORS® chief economist Ryan Price. “Buyers are feeling the weight of surging home prices, high inflation, mortgage rate jumps, and an extremely competitive market with few options to choose from.”
Statewide, there were 16,875 active listings on the market at the end of May, a 5.6 percent decrease from last year. This is the smallest decline in three years.
Additionally, the number of active listings at the end of May was 9 percent higher than the end of April – an increase larger than a typical seasonal bump.
The Virginia Home Sales Report is published by Virginia REALTORS®. Click here to view the full May 2022 Virginia Home Sales Report.
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Crystal Graham
