An expanded housing inventory helped fuel an increase in home sales across Virginia in July, according to new data from Virginia Realtors.
Last month saw the sale of 9,947 homes across the state, an influx of 962 sales from one year before that resulted in a 10.7% increase. Homebuyers had a choice of 19,162 active listings statewide, which represented 4,223 more listings than one year ago for a 28.3% increase – and the 12,439 new listings that came onto the market was nearly more than 1,500 properties, a 13.6% increase from July 2023. this time last year.
The statewide median sales price was $426,000 in July, up 6.5% from this time last year, a gain of $26,000. Slightly more than three-quarters (77%) of Virginia’s counties and cities saw a higher median sales price than one year earlier.
“Because demand still far outweighs supply in Virginia’s housing market, it’s likely that these conditions will continue putting upward pressure on prices as we approach the fall market,” said Virginia Realtors 2024 President Tom Campbell.
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