Market Madness

The following was presented by the Chief Economist for the Virginia Association of Realtors® to the Fredericksburg Area Association of Realtors® in February, 2022 demonstrating where the real estate market has been and where it’s likely headed by year’s end. Major take-a-ways are that interest rate may reach and stabilize at around 4% this year albeit there is currently downward pressure on mortgage rates due to the Russian invasion of Ukraine. Year over year the number of home sales, sales volume and the median home price are all up significantly while average days on market and monthly inventory are down. Economic conditions are improving and approaching their pre-pandemic levels.