BTVAR Homes Sales Report – Q2 2022

Economic Conditions
- Virginia’s job market continues to recover from the pandemic-related losses. The state added
6,600 jobs between April and May and is now about 42,200 jobs short of pre-pandemic levels.
Most of the growth this month was in the Leisure and Hospitality sector.
- Despite growing economic uncertainty and rising inflation, unemployment remains very low. In
May, the unemployment rate was 3.0% statewide and 3.5% in the BTVAR region.
- Mortgage rates are on the rise but have dipped from a month ago. In the third week of July, the
average 30-year rate was 5.54%, up from the prior week, but down from the end of June when it
was 5.70%

Housing Market Conditions
- There were 175 home sales in the BTVAR region during the second quarter, down 13% from a
year ago, which is 26 fewer sales.
- Home prices are surging in the BTVAR market. The median sales price in the footprint was
$151,239 in the second quarter of 2022, up 20% from last year, a gain of nearly $25,000 to the
median price.
- The average days on market in the region in the second quarter was 87 days, which is three weeks
longer than this time last year (+21 days)