Virginia Housing Market: November 2024 Analysis
The Virginia housing market in November 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price for homes in Virginia stands at $445,200, reflecting a slight decrease of 0.4% year-over-year. This decline in sales price contrasts with the Median List Price, which has seen a more significant drop of 3.2% year-over-year, now at $424,900. Despite these decreases, the market shows resilience in other areas.
One notable positive trend is the increase in the median Price Per Square Foot, which has risen by 5.7% year-over-year to $226. This suggests that while overall prices have softened, the value of space itself is appreciating. Similarly, the Median List Price per square foot has increased by 4.5% year-over-year, reaching $229, indicating a continued demand for quality space.
Sales activity in Virginia is robust, with 8,188 Homes Sold in November 2024, marking a significant 9.7% increase from the previous year. Pending Sales also reflect a healthy market, with a 6.9% rise year-over-year, totaling 8,399. New Listings have grown by 3.7% year-over-year, reaching 7,903, while inventory has increased by 4.2% to 17,247 homes. These figures suggest a dynamic market with active participation from both buyers and sellers.
The Months of Supply, a critical indicator of market balance, has decreased by 10.0% year-over-year to 2.1 months. This reduction indicates a tighter market, favoring sellers, as the supply of homes is not keeping pace with demand. However, the Median Days on Market have increased by 4.0% year-over-year to 33 days, suggesting that while demand is strong, buyers are taking slightly longer to make purchasing decisions.
The average sale to list ratio remains high at 99.3%, though it has seen a minor decrease of 0.2% year-over-year. The percentage of Homes Sold above list price is 32.8%, down by 1.6% from the previous year, indicating a slight cooling in competitive bidding. Price Drops have remained relatively stable, with a marginal increase of 0.1% year-over-year, now at 25.8%. Additionally, 40.7% of homes are going off the market within two weeks, a slight decrease of 0.2% year-over-year, reflecting a still-competitive market environment.
Overall, the Virginia housing market in November 2024 exhibits a mix of declining prices and strong sales activity. While the decrease in median sales and list prices may suggest a cooling market, the increase in Price Per Square Foot and robust sales figures indicate sustained demand and value appreciation. The market remains competitive, with a tight supply and active buyer participation, though with some signs of moderation in buyer urgency and competitive bidding.
