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Virginia’s housing market slowdown likely to continue into 2023

According to the November 2022 Virginia Home Sales Report released by Virginia Association of REALTORS®, sales activity continues to slow across the commonwealth.

There were 7,681 sales statewide in November, 4,453 fewer sales than November 2021. This represents a 36.7 percent decrease, outpacing last month as the sharpest decline in more than a decade.

Pending sales (homes that went under contract in the month) can provide a preview of future home sales activity. In November, there were 6,057 pending sales in Virginia, 3,781 fewer than a year ago, a 38.4 percent decrease. Virginia’s pending sales have been slowing down since July 2021.

On average, homes are staying on the market longer. Virginia homes that sold in November were on the market an average of one month (30 days), four days slower than a year ago. As market activity has moderated, it’s taken longer to sell homes, on average, for four consecutive months. This is the first time this has happened since early 2015.


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