Report: Virginia's housing market picks up

According to the report, 6,733 homes were sold statewide in February, and 16,004 homes were on the market at the end of the month – an increase of 10% from February 2023. Of those homes, about 1,400 were new listings in February – a jump of nearly 17% from new listings last February. It was the largest influx of new properties on the market in Virginia since the summer of 2001, according to Virginia Realtors Chief Economist Ryan Price.

The statewide median sales price climbed to $384,576 in February, which is up more than $14,500 from the same time last year – a gain of almost 4%. Pent-up demand remains strong, and inventory levels are still tight, said Virginia Realtors President Tom Campbell.

The organization's report predicted that conditions will remain competitive as the spring season approaches, with prices remaining on an upward trajectory across most of the state.

“February’s uptick in pending sales and new listings indicates renewed interest from sellers and move-up buyers,” said Virginia Realtors CEO Terrie Suit. “If mortgage rates drift downward later this year, as they are expected to, we could see even more sales volume growth across Virginia.”