MAY 31ST, 2023

Virginia Mortgages

Virginia is a state with a robust economy and a powerful job market compared with some of its neighbors. This combination has lead to an appreciation in the housing market in the state that has seen rapid growth in the past several years.

The 2002 census data showed that the total number of housing units in Virginia was 3,006,877. The home ownership rate in Virginia is higher than the national average, but not by much. The 2000 US census data showed a home ownership rate in Virginia of 68.1%, which is only marginally higher than the national average that year of 66.2%. A partial explanation of this variation in home ownership rates, and how small the variation is, can be seen in the median value of housing units.

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The median value of a an owner occupied housing unit in Virginia listed in the 2000 US census was $125,400. This was only slightly higher than the national average listed that year of $119,600. The close correlation between home ownership rates and median values in both the state census and the national average points to the ability Virginia’s housing market has to follow national trends, without experiencing the wild swings that most small housing markets do.

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As stated above, the Virginia housing market continues to ape the trends that occur on the national level. This includes the recent boom, and current climate of cooling. With housing markets nationwide returning to a more seller/buyer balanced state after a frothy booming bull market, the Virginia market looks likely to do the same.

The housing market is still strong, but rising inventories tell of a impending snapback towards a buyers market. Inventories have quadrupled in the resale market in the last two and a half months, and although the trend has left the new-house market untouched, it is believed that it will soon affect new-home sales as well. When the market does cool, it will be an ideal time for buyers to snap up properties, as sellers will be eager to get their properties off the market and interest rates will be readjusting to lure potential home buyers into making a purchase.

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