The year just gone by closed out with 87 percent of counties and cities in Virginia seeing fewer home sales in 2022 compared to 2021, but, paradoxically, 89 percent of those localities showing an increase in median home-sales price, according to new data.
Add it up, and the total statewide sales volume of $57 billion, while down from a whopping $69 billion in 2021, did better than the wild ride that was 2020 ($55 billion) and the two immediately preceding pre-pandemic years ($45 billion in 2019 and $42 billion in 2018).
That’s all according to the Virginia Realtors trade group, which has released preliminary year-end figures showing that 125,072 homes changed hands during the year, down 19.4 percent from 155,174 transactions in 2021.
But it was a tale of two markets in 2022: Hot (perhaps overheated) through early spring, then a dropoff in activity over the course of the rest of the year.
“The rapid rise of interest rates over much of 2022 played a significant role in the slowdown,” Virginia Realtors’ chief economist Ryan Price said. “Virginia’s housing market has been slowing down now 13 consecutive months, a trend that has accelerated since the summer.”
Sales were down to varying degrees in all eight geographic areas of the commonwealth, totaling:
• 41,713 (off 25%) in Northern Virginia.
• 31,188 (-18%) in Hampton Roads.
• 32,330 (-17%) in central Virginia.
• 10,067 (-15%) in western Virginia.
• 7,199 (-10%) in the Shenandoah Valley.
• 2,996 (-8%) in Southside Virginia.
• 2,729 (-19%) in eastern Virginia.
• 2,212 (-14%) in Southwest Virginia.
The sales total of 123,244 was essentially in line with 2019 (126,570) and 2018 (121,983).
The median sales price for all of 2022 statewide was $375,000, up 7.1 percent, with all geographic areas reporting increases that ranged from 6 percent to 11 percent. But median prices peaked in the springtime when buyer activity was still frenzied, and since have retreated.
The median sales price for December, for instance, was $359,000.
Figures represent most, but not all, homes on the market. All year-end 2022 figures are preliminary and are subject to revision.