If interest rates continue to rise, will that affect home prices in Virginia? Many homeowners are starting to wonder if they’ll have trouble selling their homes in the coming months. Recently mortgage rates have been as high as 7%, causing potential buyers to drop out of the market.
So, if you need to sell a property in the next year, what can you expect? Here’s some of the latest market information along with price outlook for 2023.
What’s on the Horizon for Home Prices in Virginia
Like most real estate markets across the country, sales and home prices in Virginia took a dip in 2022. According to Redfin, median home prices climbed through May, but then tumbled back down during summer and fall. July of 2022 saw 26% fewer homes sales than in July of 2021.
The number of homes with price drops increased to nearly 35%. Both supply and demand have been down this year and experts say that’s not going to change in 2023.
The housing market outlook for 2023, reported in a Virginia REALTORS report, looks to continue this year’s trend. Home prices in Virginia may increase by nearly 3% but other factors could still make it tough for homeowners.
- Home sales will likely be down 2.5%
- Mortgage rates will remain high
- Unemployment rates will increase
- Price appreciation likely won’t keep pace with inflation
Projections are showing that home prices may slightly increase next year. But the real estate market will likely continue to turn in favor of buyers. Fewer people will be able to afford a home and demand will go down.
In specific Virginia markets like Chesapeake, the outlook for next year projects a negative trend. Demand will go down and there will be an overall bearish market. This could be motivation for homeowners in Chesapeake to sell sooner rather than later.
Get Your Home Sold, No Matter What the Market Does
If you need to get your home sold fast and for the best price, call Your Home Sold Guaranteed Realty – Reeds Real Estate. Even if the market tightens, you can count on the best realtor in Chesapeake to sell your home.
We’re even willing to guarantee the sale. If we’re not able to sell your home, we’ll buy it back ourselves. This exclusive, written guarantee is available with our Guaranteed Sale Program.
Don’t spend too much time worrying about home prices in Virginia. If you need to sell your home fast, give us a call at (757) 799-4824. You can also use the form below and we’ll be in touch.
