BTVAR Homes Sales Report – Q3 2021
- In the third quarter of 2021, while economic conditions remained positive, there was a slowdown
in job growth in Virginia. The unemployment picture has improved significantly in the Bristol area
over the summer and into the early fall, and economic conditions should improve further over
the next few months.
- Consumer confidence has fallen amidst renewed uncertainties about the Delta variant.
Individuals, families, and businesses have been rethinking plans that seemed more certain
earlier this year.
- Mortgage rates remain at historically low levels, but an improving economy will lead to moderate
increases in the average 30-year fixed-rate mortgage rate.
Housing Market Conditions
- There were 190 home sales in the BTVAR region during the third quarter, up 18% from sales
totals a year ago.
- Price growth continued to be strong in the BTVAR market. The median sales price in the third
quarter was $136,128, which is about $17,000 higher than it was last year (+15%).
- The average days on market in the