My lawyer answer: It depends.

To some extent I'm kidding, but actually not really. What I am seeing is less competition for houses, less activity through new listings in terms of number of showings and activity at open houses. So there is definitely a drop off - in activity, in sales, in offers. All the national data is tracking this too.

However, on the ground I am still seeing move-in ready homes in desirable neighborhoods that are priced correctly selling fast and sometimes with multiple offers and still over asking. However, that seems to be places like the Fan, the Museum District, Near West End, River Road corridor, etc. where there is a very constrained supply and still exceedingly high demand. Above a certain price point ($700,000ish) I am still seeing cash offers, so these people are not sensitive to the interest rate hikes.

Some of this is also being driven by people moving to RVA from high cost-of-living markets who think our prices are cheap, compared to what they are used to.

ETA: Punctuation