Home sales continue to cool locally, with 253 sales throughout the region in the fourth quarter of 2023, 40 fewer sales than during the same period in 2022, a 14 percent decline.
That was just one of the key takeaways from the quarterly report of the Chesapeake Bay and Rivers Association of Realtors.
During the quarter, home prices fell in some markets while rising in others, the report stated. Regionwide, median sales price in the Chesapeake Bay and Rivers footprint was $328,000, dipping 3 percent from the same time last year.
The association’s footprint includes Gloucester, Mathews and Middlesex counties, the Buena Vista District of King and Queen County and the Town of West Point.
The supply of active listings in the region, meanwhile, continues to build up. There were 309 active listings on the market at the end of the fourth quarter regionwide, up 27 percent from the same period a year ago.
After peaking near 8 percent in October, the average interest rate for a 30-year fixed mort...