Statewide home sales declined in February

Virginia home sales slowed in February, according to statewide sales data released Tuesday by Virginia Realtors.

The trade association reports that there was a pullback in closed sales in February, with 6,129 homes sold statewide. That’s 604 fewer sales than last February — a 9% decrease.

“Some of this was likely due to winter weather impacts in January on pending sales, but there is also a lot of uncertainty in several regions around the state from federal job cuts, and mortgage rates have seen very little improvement,” Virginia Realtors reports.

Pending sales also dropped compared to 2024 levels. In February, Virginia had 6,776 pending sales, 580 less than the same time last year, a 7.9% decline.

As of March 13, rates for a 30-year fixed-rate mortgage averaged 6.65%, according to Freddie Mac data.

Virginia Realtors says the sharpest percentage drop in sales occurred in the Virginia Peninsula (-24%) and Williamsburg area (-18%), the Fredericksburg region (-13%) and neighboring Prince William (-13%), as well as the Richmond Metro area (-15%).

However, the association reports a small uptick in sales activity in the Loudoun County market (+7%), and closed sales far outpaced last February in the Martinsville area (+30%) and the Waynesboro/Staunton region (+19%).

Virginia Realtors says the slowdown brought down the total sold dollar volume in the state’s housing market, despite climbing price points. In February, there was about $3.1 billion of sold volume statewide — roughly $148 million less than the same time last year and a 4.6% dip.

In most of the state, home prices continued to trend upward. The statewide median sales price in February was $403,500, up almost $19,000 — a 4.9% increase — from February 2024.

The Virginia market had 17,529 active listings at the end of February, a 21.6% increase from February 2024.

“The increase in active listings is indicative of homes staying on the market a bit longer,” says Virginia Realtors 2025 President Lorraine Arora in a news release.

Homes are also staying on the market slightly longer than last year. The statewide median days on market was 17 days last month, two days more than February 2024.

Based in Glen Allen, Virginia Realtors represents about 35,000 Realtors and is the state’s largest trade association.