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October 24, 2023

How Is The Virginia Housing Market for Active Adults in 2023-24?

As Virginia’s 55+ community experts with over 25 years of experience, Cornerstone Homes is always keeping an eye on the many market changes that occur. Currently, the real estate market has been trending toward high interest rates and low inventory, but it is slowly beginning to rebalance. In this article, we will help you stay up to date on the latest information for the  Virginia housing market and how it may affect 55+ homebuyers.

Housing Market Trends in Virginia for Active Adults

The housing market in both Virginia and nationally is grappling with high mortgage rates and a limited inventory of existing homes. Throughout the summer, existing home sales declined from previous months and year over year. Inventory levels are also trending down. The housing market in Virginia mirrors this trend with fewer sales and very limited inventory of existing homes. This combination has led buyers to opt for new construction as an alternative solution to the lack of existing homes. 

New construction homes offer more benefits than existing homes, with lower immediate maintenance costs, upgraded systems, and high energy efficiency built in. Better yet, Cornerstone Homes has new construction homes available that are specifically designed for active adults. Our floor plans include timely and lasting features that offer better accessibility, are more comfortable, and simply make your life easier today and in the future. Plus, with such low inventory for existing homes, it’s an opportune time to sell. Younger buyers are eager for resale homes in great locations and trends show they are paying top dollar.

In Virginia, the total number of building permits declined significantly through the summer compared to the previous year, indicating challenges for builders trying to increase housing inventory. This means that if you’re looking for a new construction home and a better lifestyle, now is the time so you don’t miss out on the limited options available. 

Mortgage rates have risen quickly from historic lows this year. They seem to be leveling off from the steep increase to more normal rates. The historic average interest rate is just under 8%. While interest rates are an important factor to consider, it’s important to remember that there are many programs available to help you navigate a new mortgage, especially for active adults.  Some of the options available to assist homebuyers with financing include rate buydowns, adjustable rate mortgages, and the Home Equity Conversion Mortgage specifically for active adults.

As the experts in 55+ living, Cornerstone Homes understands the process of buying and selling a new home at this stage in life can be overwhelming. Cornerstone’s comprehensive Concierge Program helps homebuyers navigate the homebuying process with ease. From Realtors who are experts in local real estate that help sell your home for top dollar, to preferred Lenders who know best how to manage the changing rates, Cornerstone has you covered! 

Are You Thinking of Buying A Home & Retiring in Virginia?

Cornerstone Homes offers new construction homes in 55+ communities specialized for active adults in Virginia. We know that you’re not just buying a new home; you’re starting a great new chapter in your life. So, we make the process of building your new home enjoyable and fun. We stay with you through the entire process, answering all questions and taking care of everything to make it an incredible experience!

Cornerstone Homes’ Path to Ownership makes building your new home and future a breeze. With plenty of personalized communication and attention to detail, our team has you covered. We begin with a consultation appointment to get to know your wants and needs for your new home and then offer preliminary pricing. Once you work with your Sales Manager to discuss your chosen homesite, we’ll complete the contract and get you on your way to new beginnings. You will quickly get to work with our Design Consultant learning all the ways to personalize your new home.  Then it’s into the construction process which starts with a pre-construction meeting. You’ll have hands-on guidance throughout the process with weekly progress reports and other key milestone meetings.

It’s our mission to provide 55+ homebuyers with homes that provide better living today and in the future. That’s why our features are second to none when it comes to everything you need for a comfortable, convenient, and safe home. From being single-level and low maintenance, to zero threshold entries and comfort-height countertops and toilets, we’ve thought of everything. You’ll also enjoy smart home and energy-efficient features that enhance your everyday life and well-being. Enjoy a WiFi-enabled thermostat, smart door lock and deadbolt, fresh air ventilation, Low-E windows, moisture management control through superior HVAC systems, ENERGY STAR-rated stainless steel appliances, and much more!

Connect with Cornerstone Today & View Our 55+ Communities!

Regardless of changes in the housing market, Cornerstone Homes is here for you. You deserve to enjoy all the benefits of a new home that treats you right as you enter this exciting new phase of your life. When you’re ready to take the next step, our communities across Virginia are sure to have something you love in an area you love. Connect with us today to learn more!


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