Virginia sees homes sales growth in February

Virginia home sales climbed in February as improved inventory and lower mortgage rates boosted buyer activity, according to a mid-March report from Virginia Realtors, before global economic uncertainty began to disrupt financial markets.

According to the report, there were 6,581 homes sold statewide in February, a 7.4% increase from last year’s 6,129 sales and up nearly 12% over January’s 5,881 sales. Virginia Realtors reported that 59% of the state’s local markets recorded higher sales than the same time last year.

There were 7,115 pending sales in February, up 5% from last year and up 5.8% from January. The association attributed the rise in pending sales to lower mortgage rates from earlier in the year.

In a statement, Virginia Realtors Chief Economist Ryan Price said February’s data showed that the state’s housing market entered 2026 with “solid momentum.”

“Higher inventory, steady buyer interest and softer price growth were setting the stage for a busier spring season,” Price said. “However, the recent geopolitical tensions stemming from the Iran war have already pushed mortgage rates upward and created volatility in the bond market. How high mortgage rates climb will play a major role in determining whether the spring market maintains its pace or slows.”

At the end of February, U.S. mortgage rates fell below 6% for the first time since 2022. But, the rate has climbed since the outbreak of the Iran war. According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.46% as of Thursday.

The statewide median sales price in February was $410,000, a 3.1% increase from January and a modest 1.6% increase from February 2025. Nearly 6 out of 10 local markets (57%) posted year‑over‑year price increases.

Inventory conditions also continued to improve across Virginia, with 10,384 new listings in February, up 3.1% from January and 6.3% from February 2025. In February, there were 19,601 active listings, up 2.1% from January and up more than 9% from a year ago.

Virginia Realtors attributes the rise in active listings to both increased seller activity and homes spending longer on the market. The statewide median days on the market rose to 23 in February, up from 17 in February 2025.

“Even with the economic headwinds, we’re still seeing encouraging signs as we head into spring,” Virginia Realtors 2026 President Curt Reichstetter, owner and broker of Two Dog Realty, said in a statement. “Inventory is growing, buyers have more options and many local markets are experiencing renewed activity. Realtors are working closely with clients to navigate these shifting conditions, and there’s still a lot of optimism about opportunities ahead.”

Based in Glen Allen, Virginia Realtors represents about 34,000 Realtors and is the state’s largest trade association.