It's a tough time to be in the market for a new house. But as peak homebuying season begins, homebuyers are starting to have at least some negotiating power—especially in markets that recorded large price growth over the last few years.
The average 30-year, fixed-rate mortgage rose above 7% at the start of November 2022, the highest level in more than a decade, as the Federal Reserve raised its benchmark rates to combat inflation. Today, rates remain at historic highs; even half of a percentage point change can significantly affect the monthly payments required for a mortgage.
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Since mortgage rates were under 4% for the better part of the past decade, many homebuyers locked in far more affordable rates than what's available in today's environment. And sellers aren't exactly coming down on price: Nationally, home prices are still increasing—just more slowly than they did during the height of the COVID-19 pandemic.
Nationally, the median home sale price in March was $420,321, 4.8% higher than the year before. In Virginia, the median sale price was $432,000, while the average price difference was 0.02% below asking.
Stacker compiled a list of counties in Virginia where homes typically sell below list price using data from Redfin.
#9. Spotsylvania County
- Average price difference: 0.08% below list
-- Median list price: $449,000
-- Median sale price: $445,000
- Total homes sold: 141
-- Share that sold above list: 41.8%
#8. James City County
- Average price difference: 0.10% below list
-- Median list price: $499,999
-- Median sale price: $420,000
- Total homes sold: 111
-- Share that sold above list: 33.3%
#7. Suffolk
- Average price difference: 0.14% below list
-- Median list price: $420,000
-- Median sale price: $394,399
- Total homes sold: 165
-- Share that sold above list: 40.0%
#6. Virginia Beach
- Average price difference: 0.15% below list
-- Median list price: $369,950
-- Median sale price: $370,000
- Total homes sold: 465
-- Share that sold above list: 44.9%
#5. Norfolk
- Average price difference: 0.41% below list
-- Median list price: $315,000
-- Median sale price: $303,250
- Total homes sold: 290
-- Share that sold above list: 39.0%
#4. Augusta County
- Average price difference: 0.91% below list
-- Median list price: $309,900
-- Median sale price: $289,900
- Total homes sold: 123
-- Share that sold above list: 36.6%
#3. Roanoke County
- Average price difference: 1.02% below list
-- Median list price: $292,500
-- Median sale price: $245,000
- Total homes sold: 239
-- Share that sold above list: 33.9%
#2. Portsmouth
- Average price difference: 1.04% below list
-- Median list price: $260,000
-- Median sale price: $257,250
- Total homes sold: 136
-- Share that sold above list: 43.4%
#1. Frederick County
- Average price difference: 1.12% below list
-- Median list price: $439,900
-- Median sale price: $426,500
- Total homes sold: 160
-- Share that sold above list: 21.2%
This story features data reporting and writing by Elena Cox and is part of a series utilizing data automation across 28 states.