BTVAR Homes Sales Report – Q4 2021
- Economic conditions in Virginia continued to improve in the fourth quarter, with broad-based job
gains and another drop in the unemployment rate. The employment picture also improved in
the Bristol region, with the unemployment rate falling to below pre-pandemic levels.
- Despite steady economic progress, consumer confidence remains weak, as individuals and
families face rising prices and a surge in COVID-19 cases. The measure of expectations of future
economic conditions fell to a 16-month low in December 2021.
- Mortgage rates began to tick up at the end of 2021. Persistently high inflation will prompt the
Federal Reserve to raise the federal funds rate in 2022, which will push mortgage rates even
higher in the months to come.
Housing Market Conditions
- There were 160 home sales in the BTVAR region during the fourth quarter, up 13% from sales
totals a year ago.
- Home prices continue to climb in the BTVAR market. The median sales price in the fourth quarter
was $138,843, which is about $11,000 higher than it was last year, a 9% gain.
- The average days on market in the