A total of 10,649 closed home sales were recorded across Virginia in May, a mere 66 fewer than one year ago for a 0.6% decrease.
According to Virginia Realtors, the stagnant rate of home sales occurred while inventory growth accelerated. There were 23,137 active listings on the market in Virginia at the end of May, up 30.6% (5,425 more listings) than one year earlier. The median days on market rose slightly, to 10 days, which is three days longer than the median days on market in May 2024.
Virginia’s median sales price was $440,000 in May, up $15,000 since last year, reflecting a 3.5% increase. Nearly four out of five local markets (78%) had a higher median sales price compared to last May. Higher prices pushed total sold volume up by 1.3%.
“While buyers now have more options than they did a year ago, they’re still facing higher price points in most parts of the state,” said Virginia Realtors 2025 President Lorraine Arora. “Affordability remains a key concern—especially for first-time buyers navigating today’s mortgage rate environment.”
“Economic uncertainty and fluctuations in the labor market are making some buyers hesitant to enter the housing market,” added Virginia Realtors Chief Economist Ryan Price. “With mortgage rates still hovering near 7%, many Virginians are waiting for more stability before making a move.”
Photo: Famartin / Wikimedia Commons
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