Virginia home sales rise in March, indicating strong spring

Virginia’s housing market enjoyed its strongest first quarter since 2022 this year, according to a Friday report from Virginia Realtors.

There were 20,850 homes sold through April 15 this year, a 6.4% increase from the same period last year when 19,596 homes sold.

There were 8,388 homes sold statewide in March, an 8.8% increase from last year’s 7, 709, and up nearly 27.5% over February’s 6,581 sales, which is “consistent with typical seasonal patterns,” according to the trade association, which represents nearly 34,000 Realtors.

Inventory conditions also continued to improve across Virginia, with 14,846 new listings in March, up 6.7% from March 2025 and nearly 43% from February. In March, there were 20,979 active listings, up 6.3% from a year ago. That’s the highest March inventory level since 2020.

There were 10,121 pending sales in March, up 7.3% from last year and up a whopping 42.2% from February. Virginia Realtors stated the rise in pending sales outpaces typical seasonal trends and signals “strong buyer engagement heading into spring.”

“Sales are rising, inventory is expanding and buyers are responding to improved conditions,” Virginia Realtors Chief Economist Ryan Price said in a news release. “While mortgage rates remain sensitive to global events and inflation pressures, the underlying demand in Virginia is still very strong. How rates move in the coming weeks will be a key factor in determining whether this pace continues through late spring.”

In mid-April 2026, the average rate on a 30-year fixed mortgage was 6.3%. At this time last year, the average rate for a 30-year fixed mortgage was 6.83%.

The statewide median sales price in March was $425,000, about a 3.7% increase from February and a 1.7% increase from March 2025. More than half of Virginia’s local markets recorded higher median prices than a year ago.

The statewide median days on the market was 16 in March, four days slower than the same period last year.

“We’re seeing a spring market that feels more balanced than in recent years,” Virginia Realtors President Curt Reichstetter said in a news release. “With more listings coming online and steady buyer interest, many communities are experiencing a healthier level of activity. Realtors are helping clients navigate these shifting conditions, and there is optimism as we move further into the spring season.”

Based in Glen Allen, Virginia Realtors is the state’s largest trade association.