BTVAR Homes Sales Report – Q3 2022
- Virginia’s job market continues to expand. The state added 16,700 jobs between July and August and is now only about 5,300 jobs short of pre-pandemic levels. Most of the growth continues to be in the Leisure and Hospitality sector.
- The unemployment rate remains very low. In August, the unemployment rate was 3.2% in Virginia and was 3.7% in the Bristol region. Both are down from a year ago.
- Mortgage rates climbed rapidly over the past month. In the second week of October, the average rate on a 30-year fixed mortgage rose to 6.92%, up from 6.02% a month ago
Housing Market Conditions
- There were 184 home sales in the BTVAR region during the third quarter of 2022. This is six fewer sales than this time last year, which is a 3% drop.
- Home prices continue to climb in most parts of the region. The third quarter median sales price in the BTVAR market was $155,901, rising 15% from a year ago, which is a gain of nearly $20,000.
- The average days on market in the BTVAR footprint in the third quarter was 58 days, one day longer than this time last year.