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Is Virginia in a Buyer’s or a Seller’s Market?

The real estate market is constantly changing, and as it does, it’s important to know whether it’s defined as a seller’s or a buyer’s market. This is the same with every market, including Virginia’s. So, is Virginia in a buyer’s or seller’s market?

Before we dive into the question, here’s a brief explanation of both market trends and their signals.

If Virginia is a seller’s market, it means there are more houses available, enabling a seller to sell real estate at an inflated price and turn a profit. If Virginia is a buyer’s market, it means the exact opposite. Sellers are forced to lower their prices because they have too much competition.

With that explanation, let’s take a look at whether Virginia is a seller’s or a buyer’s market.

What Market is Virginia Currently in?

If you are in Virginia and are planning to sell or buy a house, it’s important to know the current housing market in your city or county/region.

So, on a statewide level, is Virginia a seller’s or a buyer’s market? Here are some factors that are used to determine:

I. Local Market Conditions

It is important to note that different areas of the state have different conditions which affect the real estate market for homeowners and investors. So, it depends on where you want to invest or where the property is located.

For example in populous areas like North VA, the market is on the upswing. But in less populous areas like Bluefield, the market is weaker and home prices are affordable.

II. Current Data

While local market conditions may vary from city to city, emerging trends in Virginia’s housing market data paint a much clearer picture.


In consideration of these factors, we can assume that Virginia is in a seller’s market. The numbers show that there was a massive decline in properties listed in 2021 compared to 2020. As of November 2021, there were 13,524 active listings.

That’s a 23.9% decline from a year ago. When you look at the median price per square foot, it increased by 11.68%.

Another report from the U.S. Census Bureau shows that home sales in VA are increasing, indicating a 12.4% rise as of December 2021.

In addition, the median listing price is up by 3.06%. This means that the median transactions are rising as well, not just home sales.

Takeaway

Buying or selling a home is one of the most important actions that you will take, so you’ll want to understand the factors which impact this – namely, whether the market favors buyers or sellers more. Recent data suggests that it’s a seller’s market, meaning sellers will find greater profits and likely sell their properties quicker if they list now.

However, remember that the market is always shifting, so there is a likely chance that it will swing back into a buyer’s market sometime in the near future. Staying up to date with the current trends in supply & demand will help you make the best decisions, both now and in the future.

For more information and a detailed take on topics like this, check out my video content!

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