Virginia REALTORS®: Home sales slow in more markets across Virginia

sell your home

© Andy Dean

According to the March 2019 Home Sales Report released by the Virginia REALTORS®, the pace of sales continues to slow down in Virginia compared to last year. There were 9,736 home sales throughout the state in March 2019, which is 3% less than last year, a drop of 266 sales. Except for the Eastern region, all regions in the state had flat or declining sales in March compared to a year ago.

The inventory of active listings continues to shrink in the state and in some regional markets.

There were 4,500 fewer active listings on the market at the end of March compared to last year in Virginia.

The supply of homes available in Virginia stabilized for much of last year but has reverted back to a downward trend in 2019. The low inventory is also causing homes to sell faster in many regional markets, with the average days on market falling in most areas. In March 2019, the average days on market was 61 days—three days faster than a year ago.

While sales have slowed, prices continue to climb in many regional housing markets in the state. The statewide median sales price inched up $1,700, to $280,700 in March.

The statewide March median sales price has now climbed more than $25,000 in the past 3 years; however, there may be signs that price growth is slowing in some local markets.

Virginia REALTORS® Chief Economist Dr. Lisa Sturtevant says, “Market slowdown is often the result of too little inventory. We will continue to monitor the slowdown in price growth as well as sales. If prices continue growing slowly, we will look to see if this reflects a softening of demand in some local markets.”

The Virginia Home Sales Report is published by the Virginia REALTORS®. Click here to view the full March 2019 Home Sales Report. Current and past reports are available to members, media, and real estate related-industries through the organization’s website.

         
 

UVA Basketball Fans!

uva basketball team of destiny
Team of Destiny: Inside Virginia Basketball’s Run to the 2019 National Championship, by Jerry Ratcliffe and Chris Graham, is available for $25. The book, with additional reporting by Zach Pereles, Scott Ratcliffe, and Scott German, will take you from the aftermath of the stunning first-round loss to UMBC in 2018 through to the thrilling overtime win over Texas Tech to win the 2019 national title, the first in school history.

Dick Vitale on Team of Destiny: “This is a hoops story you will LOVE! Jerry and Chris capture the sensational and dramatic championship journey by Tony Bennett and his tenacious Cavalier team. UVA was Awesome Baby and so is this book!”

Ralph Sampson on Team of Destiny: “Jerry and Chris have lived and seen it all, even before my time. I highly recommend this book to every basketball fan across the globe. This story translates to all who know defeat and how to overcome it!”

Feedback from buyers: “Got the Book in the Mail Saturday, and could not put it down! Great read and great photography as well! Love all of the books I’ve received, but hands down, this is my favorite!” – Russell

Buy here.


augusta free press news
augusta free press news
augusta free press news


Comments