Virginia REALTORS: “According to the June 2023 Virginia Home Sales Report released by Virginia REALTORS®, at the end of June, there were 16,246 active listings on the market throughout the state. This is 3,129 fewer listings than last year, more than a 16% reduction.”
“The supply is tight in most parts of Virginia and fewer sellers are listing their homes. New listings in June fell 25% from last year to just 12,135, the lowest June level in more than ten years. The largest decline in supply occurred in Northern Virginia, the Fredericksburg region, and parts of the Richmond Metro Area.
“One factor that’s keeping Virginia’s supply levels low is the ‘lock-in effect’, meaning that many would-be sellers are opting to stay in their homes because of the ultra-low mortgage rates they obtained in 2020 and 2021,” says Virginia REALTORS® 2023 President Katrina M. Smith.”
The Realtor Association of Prince William also reports a decline.
