The hopes and dreams of young first-time buyers often crash into the waking horror of today’s real estate market. Driven by an influx of millennials, low interest rates and the scarcity of “for sale” signs planted in the suburbs and cities, Virginia housing prices rocketed during the pandemic. Supply has scraped record lows, driving bidding wars on properties even as interest rates have more than doubled in the past year.
Read moreScrimp, scroll, square off: First-time homebuyers in Virginia face rising prices and fierce competition
Ellie Jernigan, 27, and her dog Gracie at a home for sale in Henrico County. She and her husband, Zach, are first-time homebuyers and have been looking for months to purchase a home so they might start a family.