Virginia home sales jump in October

Virginia's housing market experienced a surge in closed sales in October, fueled by a jump in pending sales in September when mortgage rates dipped, according to the latest Virginia Home Sales Report released by Virginia Realtors.

The report reveals that statewide, there were 9,408 closed sales in October, marking a 12.5% increase compared to the same period last year. The rise in sales coincided with a jump in new contracts signed in September, when mortgage rates fell to the low 6% range.

October also saw a notable rise in the overall supply of active listings, reaching 20,042 homes statewide – more than a 16% increase from the same time last year and the first time in approximately four years that the total active inventory surpassed 20,000.

“Growing inventories of available homes is a widespread trend we are seeing across most of the commonwealth,” said Virginia Realtors Chief Economist Ryan Price. “At the end of October, 74% of Virginia’s local markets had more active listings than a year ago, showing the influx of inventory is not just a localized trend.”

Despite the increase in inventory, sales prices continue to climb in most local markets. The statewide median sales price reached $415,000 in October, a 6.4% surge from the previous year.

Homes still are selling relatively quickly, but the average time on the market has slightly increased compared to last year. In October, the statewide median days on market was 15 – four days slower than in October 2023. Homes sold in an average of about eight days in the Northern Virginia, Charlottesville, and Harrisonburg markets last month, while they sold in about 10 days in the Richmond region and 21 days in Hampton Roads.