Comparing today’s market to January 2021 and what the numbers mean for you.
Do you want to know what’s going on in real estate? Today we’ll be looking at data from Central Virginia’s MLS, which covers single-family homes, townhouses, and condos. I’ll mostly be comparing data from 2021 to 2022 so that we can see how things have changed over the last year.
The median sales price in January of 2021 was $285,500, and in January 2022, it was $316,250. That’s an increase of about 13%. Meanwhile, the median sales price jumped from $321,000 to $362,000.
In January of 2021, we had 1,991 new homes hit the market, while we only had 1,596 in 2022. This means fewer people are putting their homes on the market. 1,531 houses closed in 2021, while in 2022, our area had 1,443 closings.
As for days on market, we had an average of around seven in January of 2021, and it’s the same now. However, this number is a little misleading. If you price your home correctly and work with a great team, you can easily sell your home in a day or two.
What does this all mean for you? We know interest rates are increasing, and buyers seem frustrated with rising prices. When rates do increase, prices will probably have to go down, so if you’re looking to sell, now might be the best time. Meanwhile, buyers will want to purchase a house before rates hike since even small rate increases hurt their buying power quite a bit. Are you interested in searching for available homes in the RVA area? You can access any MLS listing here: https://markadams.exprealty.com/
My team is currently sitting on 15 buyers desperate to buy a home before rates increase. If you are looking to buy or sell, please call or email us. We’d love to help you!