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BTVAR Homes Sales Report – Q4 2023

Economic Conditions
- Virginia’s job market continues to be resilient. There was an influx of 7,900 jobs in the
Commonwealth between October and November 2023.
- The statewide unemployment rate in Virginia was 2.9% in November 2023 (not seasonally
adjusted), which is down from 3% a year ago. In the BTVAR region, the unemployment rate was
3.6% in November, down from 3.7% a year ago.
- After approaching 8% at the end of October 2023, mortgage rates have been trending down 10 of
the last 12 weeks. In the third week of January 2024, the average rate on a 30-year fixed mortgage
was 6.6%, which is down from 6.66% the week prior, but up from 6.15% a year ago.

Housing Market Conditions
- Sales activity continues to cool in the BTVAR region. There were 122 sales in the BTVAR housing
market during the fourth quarter, 36 fewer sales than last year, which is a 23% drop.
- Upward pressure on home prices continues to be a factor in most of the BTVAR area. The median
sales price in the BTVAR footprint during the fourth quarter was $156,671, climbing 4% from this
time last year.
- Homes are taking longer to sell on average in the BTVAR footprint. At 81 days, the regionwide
average days on market in the fourth quarter was about two weeks longer than this time last year (+16 days).