Weekly Real Estate News
A total of 10,775 homes were sold across Virginia in June, up nearly 8% from one year earlier. However, year-to-date sales activity through June is 0.5% lower than last year.
According to data from Virginia Realtors, there were 23,755 active listings on the market last month, 5,415 more listings than one year earlier for a 29.5% jump in inventory levels. Homes in Virginia took longer to sell in June compared to this time last year, with the statewide median days on market rising from 8 days in June 2024 to 12 days last month.
“These higher inventory levels will likely provide much needed supply-side relief to Virginia’s housing market and offer a sign of renewed opportunity for buyers across the state,” saod Virginia Realtors 2025 President Lorraine Arora.
The median sales price in Virginia was $446,144 in June, up by almost $15,000 for a 3.4% year-over-year uptick. There was approximately $6.1 billion sold volume throughout Virginia in June, nearly $700 million more than the same time last year for a 13% increase.
“Mortgage rates have been stable but elevated, hovering in the upper 6%s for most of the year, pricing a lot of would-be buyers out of the market,” says Virginia Realtors Chief Economist Ryan Price. “But with home prices still high and ongoing economic uncertainty, some would-be buyers may remain cautious and delay entering the market in the coming months.”
