A total of 10,018 homes were sold in Virginia during June, which was 974 fewer than June of last year. According to Virginia Realtors, this marked both an 8.9% slowdown and the second month in 2024 where sales activity trailed 2023 levels.
However, during the first half of the year Virginia there were 50,597 home sales, compared to 50,359 (+0.5%) from the same period last year. This occurred amid elevated mortgage rates.
“This year’s rise in home sales could suggest that some portions of the buyer pool are getting more acclimated to the higher rate environment,” says Virginia Realtors Chief Economist Ryan Price.
During June, the statewide median sales price reached $431,380, a 5% year-over-year increase of more than $20,000. Roughly 68% of Virginia’s county and city markets experienced median price gains last month.
“One bright spot for Virginia home buyers comes in the significant inventory gains we are seeing across the state,” says Virginia Realtors 2024 President Tom Campbell. “This growing inventory is providing more options for those buyers who are able to afford the combination of higher prices and mortgage rates.” In total, there were 18,340 active listings on the market at the end of June. This is an influx of 3,662 listings from this time last year—an increase of almost 25%.
;
