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BTVAR Homes Sales Report – Q3 2023

Economic Conditions
- Job growth continues in Virginia. There were approximately 6,700 jobs added in Virginia between July and August 2023.
- The statewide unemployment rate in Virginia was 3.1% in August 2023 (not seasonally adjusted), which is down from 3.3% a year ago. In the BTVAR region, the unemployment rate was 3.9% in August, up from 3.8% a year ago.
- Mortgage rates continue to climb, reaching their highest level since 2000. In the third week of October 2023, the average rate on a 30-year fixed mortgage was 7.63%, which is up from 7.57% the week prior, and up from 6.94% a year ago.

Housing Market Conditions
- Sales activity remained slow in the BTVAR region. There were 133 homes sold throughout the footprint during the third quarter, 51 fewer sales than a year ago, reflecting a 28% drop.
- While sales activity was sluggish, home prices rose this quarter in most parts of the region. The median sales price in the BTVAR footprint in the third quarter was $171,406, rising 10% from the third quarter last year.
- The average days on market in the BTVAR footprint in the third quarter was 71 days, which is 13 days longer than a year ago.