Virginia housing market slow in January

In January, 5,640 home sales were recorded throughout the state – just 31 more sales than during the same month in 2023. At the end of January, there were 15,229 active listings on the market (362 more listings than at the end of January 2023). But that increase is more attributable to homes remaining on the market longer than to more homes being listed, Virginia Realtors officials said.

“Many homeowners looking to buy another home remain reluctant to lose the low mortgage rates they are currently locked into,” said Virginia Realtors Chief Economist Ryan Price. “Because of this, many would-be sellers are choosing to pause their plans and not list their home for sale.”

But if mortgage rates begin to fall, that could entice potential sellers to list and provide much-needed inventory, said Virginia Realtors CEO Terrie Suit.

The statewide median sales price in January was $371,889 – an increase of almost $22,000 higher than the media sales price in January 2023.