Are you wondering if it’s a good time to buy a house in Virginia right now? Or should you hold off and wait since there is a potential recession, housing market slowdown, and high mortgage interest rates? One way to tell if it’s a good time to buy a house in Virginia is to see if it is in a buyer’s market or a seller’s market right now.
Is Virginia in a Buyer’s Market or Seller’s Market right now?
According to Redfin’s December 2022 data, there is 1.6 months supply of homes in Virginia right now. This means Virginia is in a seller’s market right now. Months of supply is a common metric used by real estate professionals to gauge whether a market is in a buyer’s market or seller’s market. It is calculated by taking the total number of homes for sale divided by the number of homes sold in one month. A balanced market would be a 5 to 6 months supply of homes while a buyer’s market will be greater than 6 months supply of homes.
The best time to buy a house in Virginia is during a buyer’s market. A buyer’s market is when there is a lot of inventory of homes for sale but not enough buyers out there wanting to buy a home. As a buyer, you will have the upper hand when it comes to negotiating prices because there will be less competition.
Is the Entire State of Virginia in a Seller’s Market?
No, there are some counties in Virginia where it’s a buyer’s market right now. That means it’s a good time to buy a house in those markets.
Places in Virginia in a Buyer’s Market
Below is a list of counties in Virginia where it’s a good time to buy a house right now. These counties are either in a buyer’s market or a balanced market. Months of Supply Data Source: December 2022 real estate data from RedFin.
Bath County, VA
Bath County, VA is in a buyer’s market with 11 months supply of homes.
Brunswick County, VA
Brunswick County, VA is in a buyer’s market with 11 months supply of homes.
Sussex County, VA
Sussex County, VA is in a buyer’s market with 9.5 months supply of homes.
Northampton County, VA
Northampton County, VA is in a buyer’s market with 7.5 months supply of homes.
Madison County, VA
Madison County, VA is in a buyer’s market with 6.1 months supply of homes.
Bland County, VA
Bland County, VA is in a balanced market with 5 months supply of homes.
Lancaster County, VA
Lancaster County, VA is in a balanced market with 5 months supply of homes.
What about the Places in Virginia that are in a Seller’s Market? Should You Wait to Buy a House?
It’s a good idea to wait to buy a house in Virginia where it’s a seller’s market. In a seller’s market, the seller has the upper hand because there aren’t enough homes for sale but there are too many buyers trying to buy a home. Bidding wars are common in a seller’s market. Homes typically sell for more than the asking price and many buyers forgo contingencies such as mortgage contingency and inspection contingency.
Winter is also typically a time of low housing inventory. I recommend waiting until the Spring when there should be a spike in new listings because that is when sellers usually begin putting their homes for sale.
Places in Virginia in a Seller’s Market
Below are counties in Virginia where it’s a seller’s market. If you are thinking of buying a home in these Virginia counties, it makes sense to hold off on buying a home until the Spring when there are more homes for sale. There should be an uptick in new home listings in March when sellers begin putting their homes for sale.
Mathews County, VA
Mathews County, VA is in a seller’s market with 4.7 months supply of homes.
Southampton County, VA
Southampton County, VA is in a seller’s market with 4.4 months supply of homes.
Henry County, VA
Henry County, VA is in a seller’s market with 4.2 months supply of homes.
Greene County, VA
Greene County, VA is in a seller’s market with 3.9 months supply of homes.
Nottoway County, VA
Nottoway County, VA is in a seller’s market with 3.9 months supply of homes.
Caroline County, VA
Caroline County, VA is in a seller’s market with 3.8 months supply of homes.
Rappahannock County, VA
Rappahannock County, VA is in a seller’s market with 3.8 months supply of homes.
Cumberland County, VA
Cumberland County, VA is in a seller’s market with 3.7 months supply of homes.
Fauquier County, VA
Fauquier County, VA is in a seller’s market with 3.5 months supply of homes.
Middlesex County, VA
Middlesex County, VA is in a seller’s market with 3.5 months supply of homes.
Orange County, VA
Orange County, VA is in a seller’s market with 3.5 months supply of homes.
Highland County, VA
Highland County, VA is in a seller’s market with 3.3 months supply of homes.
Poquoson, VA
Poquoson, VA is in a seller’s market with 3.3 months supply of homes.
Halifax County, VA
Halifax County, VA is in a seller’s market with 3.2 months supply of homes.
Culpeper County, VA
Culpeper County, VA is in a seller’s market with 3.1 months supply of homes.
Franklin City County, VA
Franklin City County, VA is in a seller’s market with 3 months supply of homes.
Mecklenburg County, VA
Mecklenburg County, VA is in a seller’s market with 2.9 months supply of homes.
Prince George County, VA
Prince George County, VA is in a seller’s market with 2.9 months supply of homes.
Winchester, VA
Winchester, VA is in a seller’s market with 2.9 months supply of homes.
Westmoreland County, VA
Westmoreland County, VA is in a seller’s market with 2.8 months supply of homes.
Buckingham County, VA
Buckingham County, VA is in a seller’s market with 2.6 months supply of homes.
Charlotte County, VA
Charlotte County, VA is in a seller’s market with 2.6 months supply of homes.
Clarke County, VA
Clarke County, VA is in a seller’s market with 2.6 months supply of homes.
Franklin County, VA
Franklin County, VA is in a seller’s market with 2.6 months supply of homes.
Louisa County, VA
Louisa County, VA is in a seller’s market with 2.6 months supply of homes.
Northumberland County, VA
Northumberland County, VA is in a seller’s market with 2.5 months supply of homes.
Page County, VA
Page County, VA is in a seller’s market with 2.5 months supply of homes.
Warren County, VA
Warren County, VA is in a seller’s market with 2.5 months supply of homes.
Shenandoah County, VA
Shenandoah County, VA is in a seller’s market with 2.4 months supply of homes.
Appomattox County, VA
Appomattox County, VA is in a seller’s market with 2.3 months supply of homes.
Frederick County, VA
Frederick County, VA is in a seller’s market with 2.3 months supply of homes.
Giles County, VA
Giles County, VA is in a seller’s market with 2.3 months supply of homes.
Nelson County, VA
Nelson County, VA is in a seller’s market with 2.3 months supply of homes.
Arlington County, VA
Arlington County, VA is in a seller’s market with 2.2 months supply of homes.
Essex County, VA
Essex County, VA is in a seller’s market with 2.2 months supply of homes.
Petersburg, VA
Petersburg, VA is in a seller’s market with 2.2 months supply of homes.
Prince Edward County, VA
Prince Edward County, VA is in a seller’s market with 2.2 months supply of homes.
Suffolk, VA
Suffolk, VA is in a seller’s market with 2.2 months supply of homes.
Botetourt County, VA
Botetourt County, VA is in a seller’s market with 2.1 months supply of homes.
Gloucester County, VA
Gloucester County, VA is in a seller’s market with 2.1 months supply of homes.
Charles City County, VA
Charles City County, VA is in a seller’s market with 2 months supply of homes.
Covington, VA
Covington, VA is in a seller’s market with 2 months supply of homes.
Craig County, VA
Craig County, VA is in a seller’s market with 2 months supply of homes.
Dinwiddie County, VA
Dinwiddie County, VA is in a seller’s market with 2 months supply of homes.
Richmond County, VA
Richmond County, VA is in a seller’s market with 2 months supply of homes.
Wythe County, VA
Wythe County, VA is in a seller’s market with 2 months supply of homes.
Floyd County, VA
Floyd County, VA is in a seller’s market with 1.9 months supply of homes.
King George County, VA
King George County, VA is in a seller’s market with 1.9 months supply of homes.
Salem, VA
Salem, VA is in a seller’s market with 1.9 months supply of homes.
Albemarle County, VA
Albemarle County, VA is in a seller’s market with 1.8 months supply of homes.
Augusta County, VA
Augusta County, VA is in a seller’s market with 1.8 months supply of homes.
Carroll County, VA
Carroll County, VA is in a seller’s market with 1.8 months supply of homes.
Isle of Wight County, VA
Isle of Wight County, VA is in a seller’s market with 1.8 months supply of homes.
Lunenburg County, VA
Lunenburg County, VA is in a seller’s market with 1.8 months supply of homes.
Portsmouth, VA
Portsmouth, VA is in a seller’s market with 1.8 months supply of homes.
Alexandria, VA
Alexandria, VA is in a seller’s market with 1.7 months supply of homes.
Bedford County, VA
Bedford County, VA is in a seller’s market with 1.7 months supply of homes.
Fluvanna County, VA
Fluvanna County, VA is in a seller’s market with 1.7 months supply of homes.
Manassas Park, VA
Manassas Park, VA is in a seller’s market with 1.7 months supply of homes.
Norfolk, VA
Norfolk, VA is in a seller’s market with 1.7 months supply of homes.
Rockingham County, VA
Rockingham County, VA is in a seller’s market with 1.7 months supply of homes.
Spotsylvania County, VA
Spotsylvania County, VA is in a seller’s market with 1.7 months supply of homes.
Surry County, VA
Surry County, VA is in a seller’s market with 1.7 months supply of homes.
Waynesboro, VA
Waynesboro, VA is in a seller’s market with 1.7 months supply of homes.
Alleghany County, VA
Alleghany County, VA is in a seller’s market with 1.6 months supply of homes.
Amelia County, VA
Amelia County, VA is in a seller’s market with 1.6 months supply of homes.
Chesapeake, VA
Chesapeake, VA is in a seller’s market with 1.6 months supply of homes.
Falls Church, VA
Falls Church, VA is in a seller’s market with 1.6 months supply of homes.
Fredericksburg, VA
Fredericksburg, VA is in a seller’s market with 1.6 months supply of homes.
Hampton, VA
Hampton, VA is in a seller’s market with 1.6 months supply of homes.
James City County, VA
James City County, VA is in a seller’s market with 1.6 months supply of homes.
King & Queen County, VA
King & Queen County, VA is in a seller’s market with 1.6 months supply of homes.
Powhatan County, VA
Powhatan County, VA is in a seller’s market with 1.6 months supply of homes.
Pulaski County, VA
Pulaski County, VA is in a seller’s market with 1.6 months supply of homes.
Stafford County, VA
Stafford County, VA is in a seller’s market with 1.6 months supply of homes.
Amherst County, VA
Amherst County, VA is in a seller’s market with 1.5 months supply of homes.
Buena Vista, VA
Buena Vista, VA is in a seller’s market with 1.5 months supply of homes.
Fairfax County, VA
Fairfax County, VA is in a seller’s market with 1.5 months supply of homes.
Hopewell, VA
Hopewell, VA is in a seller’s market with 1.5 months supply of homes.
Lynchburg, VA
Lynchburg, VA is in a seller’s market with 1.5 months supply of homes.
New Kent County, VA
New Kent County, VA is in a seller’s market with 1.5 months supply of homes.
Prince William County, VA
Prince William County, VA is in a seller’s market with 1.5 months supply of homes.
Williamsburg, VA
Williamsburg, VA is in a seller’s market with 1.5 months supply of homes.
King William County, VA
King William County, VA is in a seller’s market with 1.4 months supply of homes.
Manassas, VA
Manassas, VA is in a seller’s market with 1.4 months supply of homes.
Richmond City County, VA
Richmond City County, VA is in a seller’s market with 1.4 months supply of homes.
Rockbridge County, VA
Rockbridge County, VA is in a seller’s market with 1.4 months supply of homes.
Goochland County, VA
Goochland County, VA is in a seller’s market with 1.3 months supply of homes.
Greensville County, VA
Greensville County, VA is in a seller’s market with 1.3 months supply of homes.
Hanover County, VA
Hanover County, VA is in a seller’s market with 1.3 months supply of homes.
Harrisonburg, VA
Harrisonburg, VA is in a seller’s market with 1.3 months supply of homes.
Radford, VA
Radford, VA is in a seller’s market with 1.3 months supply of homes.
Roanoke County, VA
Roanoke County, VA is in a seller’s market with 1.3 months supply of homes.
York County, VA
York County, VA is in a seller’s market with 1.3 months supply of homes.
Campbell County, VA
Campbell County, VA is in a seller’s market with 1.2 months supply of homes.
Charlottesville, VA
Charlottesville, VA is in a seller’s market with 1.2 months supply of homes.
Loudoun County, VA
Loudoun County, VA is in a seller’s market with 1.2 months supply of homes.
Newport News, VA
Newport News, VA is in a seller’s market with 1.2 months supply of homes.
Pittsylvania County, VA
Pittsylvania County, VA is in a seller’s market with 1.2 months supply of homes.
Roanoke City County, VA
Roanoke City County, VA is in a seller’s market with 1.2 months supply of homes.
Virginia Beach, VA
Virginia Beach, VA is in a seller’s market with 1.2 months supply of homes.
Fairfax City County, VA
Fairfax City County, VA is in a seller’s market with 1.1 months supply of homes.
Staunton, VA
Staunton, VA is in a seller’s market with 1.1 months supply of homes.
Chesterfield County, VA
Chesterfield County, VA is in a seller’s market with 1 months supply of homes.
Henrico County, VA
Henrico County, VA is in a seller’s market with 1 months supply of homes.
Lexington, VA
Lexington, VA is in a seller’s market with 1 months supply of homes.
Montgomery County, VA
Montgomery County, VA is in a seller’s market with 1 months supply of homes.
Colonial Heights, VA
Colonial Heights, VA is in a seller’s market with 0.9 months supply of homes.
Martinsville, VA
Martinsville, VA is in a seller’s market with 0.3 months supply of homes.
State by State: Is it a Good Time to Buy a House?
Is Now a Good Time to Buy a House in the US? (Or Wait)
Is Now a Good Time to Buy a House in North Carolina? (Or Wait)
Is Now a Good Time to Buy a House in Maryland? (or wait?)
Is Now a Good Time to Buy a House in PA? (Where to Buy)
Is Now a Good Time to Buy a House in NJ?
Is Now a Good Time to Buy a House in New York? (Where to Buy)
Is Now a Good Time to Buy a House in CT? (Where to Buy)
Is Now a Good Time to Buy a House in Virginia? (Or Wait?)
Is Now a Good Time to Buy a House in South Carolina? (Or Wait)
Is Now a Good Time to Buy a House in Georgia? (Or Wait?)
Check out: 40 Places in The US Where Homes are Still Selling Fast
Want More Suburbs 101?
Be sure to Follow Us on Instagram, Like Us on Facebook, Subscribe to our YouTube Channel, and subscribe to our Weekly Newsletter.