RICHMOND — The Virginia real estate market still reflects the impacts of the homebuying boom five years ago, as a result of many working from home and all-time low mortgage rates. Interest rates and mortgages remain at post-pandemic highs as homeowners show reluctance to sell and first-time home buyers struggle to cope as prices soar due to limited construction of new homes.

National housing markets are currently “buyer’s markets,” set to favor homebuyers, according to Redfin . Ideally this is the time to buy a home, but few Virginians can afford to at current prices.

Areas closer to urban cores in Virginia are receiving many offers, implying that they still represent seller’s markets, according to Rick Jarvis, founder of One South Realty Group in Richmond. The farther from the city a

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