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BTVAR Homes Sales Report – Q1 2023

Economic Conditions
-There were about 3,200 jobs added to Virginia’s economy between January and February 2023. Most regions around the Commonwealth have now fully recovered net jobs lost in the spring of 2020.
- Virginia’s unemployment rate was 2.9% in February 2023 (not seasonally adjusted), which is up from 2.7% a year ago. The unemployment rate continues to be historically low, but has started to
inch up, rising three of the last four months. In the BTVAR region, the unemployment rate was 3.8% in February, up from 3.1% a year ago.
- Mortgage rates have been volatile since initially falling in January, then rising for five straight weeks, and then falling again for five straight weeks. In the third week of April 2023, the average rate on a 30-year fixed mortgage was 6.39%.

Housing Market Conditions
- The 2023 housing market is off to a slower start in the BTVAR region than the last several years. There were 100 homes sold in total across the area in the first quarter of 2023, down 28% from last year.
- The first quarter median sales price in the BTVAR market was $143,507. This is about $9,000 higher than it was a year ago, a 7% price jump.
- The average days on market in the region in the first quarter was 46 days, which is down from 71 days at this time last year.