Advertisement

Header Utility Menu

  • Subscribe
  • Advertise
  • Contact Us
  • Events

LinkedIn Facebook Twitter Instagram Get Our App

  • Login

Virginia Business

Mobile Menu

  • Issues
  • Industries
    • Banking/Finances
    • Law
    • Real Estate
    • Economic Development
    • Education
    • Energy/Green
    • Federal Contracting
    • Government
    • Healthcare
    • Hotels/Tourism
    • Insurance
    • Ports/Trade
    • Small Business
    • Startups
    • Technology
    • Transportation
  • Regions
    • Central Virginia
    • Eastern Virginia
    • Northern Virginia
    • Roanoke/New River Valley
    • Shenandoah Valley
    • Southern Virginia
    • Southwest Virginia
  • Reports
    • Best Places to Work
    • Business Person of the Year
    • Women in Leadership
    • Legal Elite
    • CEO Pay
    • COVID-19
    • Generous Virginians Project
    • Most Influential Virginians
    • Maritime Guide
    • Site Locator
    • The Big Book
    • Virginia CFO Awards
  • Company News
    • For the Record
    • People
  • Opinion
  • Lists
  • Awards/Events
    • Call for Nominations: 2024 Virginia Black Business Leaders Awards
    • Diversity Leadership Series
    • Virginia 500
    • Legal Elite
    • CFO Awards
    • Big Book of Lists
    • 100 People To Meet
    • Best Places To Work
    • Order Women In Leadership Plaques
  • Virginia 500
    • Read The Issue
    • Buy an award plaque
    • Suggest execs for 2024

Advertisement

Header Primary Menu

  • Issues
    • September 2023
    • August 2023
    • July 2023
    • June 2023
    • May 2023
    • Issues Archive
  • Industries
    • Banking/Finances
    • Law
    • Real Estate
    • Economic Development
    • Education
    • Energy/Green
    • Federal Contracting
    • Government
    • Healthcare
    • Hotels/Tourism
    • Insurance
    • Ports/Trade
    • Small Business
    • Startups
    • Technology
    • Transportation
  • Regions
    • Central Virginia
    • Eastern Virginia
    • Northern Virginia
    • Roanoke/New River Valley
    • Shenandoah Valley
    • Southern Virginia
    • Southwest Virginia
  • Reports
    • Best Places to Work
    • Business Person of the Year
    • Women in Leadership
    • Legal Elite
    • CEO Pay
    • COVID-19
    • Generous Virginians Project
    • Most Influential Virginians
    • Maritime Guide
    • Site Locator
    • The Big Book
    • Virginia CFO Awards
  • Company News
    • For the Record
    • People
  • Opinion
  • Lists
  • Awards/Events
    • Call for Nominations: 2024 Virginia Black Business Leaders Awards
    • Diversity Leadership Series
    • Virginia 500
    • Legal Elite
    • CFO Awards
    • Big Book of Lists
    • 100 People To Meet
    • Best Places To Work
    • Order Women In Leadership Plaques
  • Virginia 500
    • Read The Issue
    • Buy an award plaque
    • Suggest execs for 2024

Home News Industries Real Estate Home sales, price growth to slow in 2022 after rapid 2021 rises

Home sales, price growth to slow in 2022 after rapid 2021 rises

Virginia Realtors predicts home sales up 6.2% in 2021, 0.1% in 2022

Published September 24, 2021 by Katherine Schulte

Virginia home sales in 2022 will be down by about a tenth of a percent compared to 2021 sales, according to a forecast report released Friday by Virginia Realtors.

In 2021, the report projects a total of about 148,600 home sales in Virginia, up 6.2% from 2020.

“While home sales activity in 2021 will surpass even the strong performance of 2020, next year will be a little different, due primarily to rising affordability challenges, continued low inventory and a slight uptick in mortgage rates,” Virginia Realtors Chief Economist Lisa Sturtevant said in a statement.

The association also predicts that the rate of price growth will slow in 2022 as demand softens and inventory expands. The 2021 median home price in Virginia is projected to be a 9.2% increase from 2020 prices, and the 2022 prices are expected to rise about 4.1%.

About 37,000 new housing units will be built in Virginia in 2021, up 10.3% compared to 2020, according to the forecast. Construction will stabilize in 2022, slowing to a 0.5% rise.

The 30-year fixed-rate mortgage rate will be 3.1% in December 2021 and will rise to 4% by the end of 2022, according to the association’s forecast.

Virginia Realtors, formerly the Virginia Association of Realtors, is a trade association representing 36,000 realtors in the residential and commercial real estate business.

 

Graphic courtesy Virginia Realtors.
Subscribe to Virginia Business. Get our daily e-newsletter.

Related Stories

Virginia sees major housing inventory shortage

Industry experts see numerous cases of homes under contract on first sale day

Virginia Business logo

Construction continues to struggle during pandemic

Industry has recovered only 59% of jobs lost since crisis began

Virginia Business logo

U.S. nonresidential construction spending fell in July

Associated Builders and Contractors says next year will be harsh for contractors

Trending

44 Va. schools make U.S. News and World Report’s 2024 list

Falwell Jr. lawsuit targets Prevo, Liberty board members

U.Va. receives $50M gift from Breeden Co. founder

Youngkin signs executive directive on AI

Data centers added $54.2B to Va. GDP over five years

Sponsored Stories

Part 1: 2024 a year of Logistics nightmares or a re-awakening?

Are you the biggest target for cyber security bad actors?

P.A.I.N.T. Your Financial Mountain

Advertisement

Advertisement

Trending

44 Va. schools make U.S. News and World Report’s 2024 list

Falwell Jr. lawsuit targets Prevo, Liberty board members

U.Va. receives $50M gift from Breeden Co. founder

Youngkin signs executive directive on AI

Data centers added $54.2B to Va. GDP over five years

Sponsored Stories

Part 1: 2024 a year of Logistics nightmares or a re-awakening?

Are you the biggest target for cyber security bad actors?

P.A.I.N.T. Your Financial Mountain

Get Virginia Business directly on your tablet or in your mailbox!

Subscribe to Virginia Business

Advertisement

Advertisement

Footer Primary Menu

  • virginiabusiness.com
  • Subscribe
  • Advertise
  • About Us
  • Contact Us

Footer Secondary Menu

  • Industries
  • Regions
  • Reports
  • Company News
  • Events

Sign Up For Our Newsletter

Sign Up

LinkedIn Facebook Twitter Instagram Get Our App

Privacy Policy Cookie Policy

Footer Utility Menu

Copyright © 2023 Virginia Business. All rights reserved.

Site Maintained by TechArk