Virginia housing market showed momentum in October

Virginia’s housing market picked up in October, with buyers taking advantage of lower mortgage rates and a larger selection of homes, Virginia Realtors reported this week.

According to an October statewide home sales report released by the trade association, agents sold 9,006 homes in Virginia last month — up 2.5% from September’s 8,783 and up 3.1% from October 2024’s 8,732.

The report said that, compared to a year ago, the greater Augusta County region and parts of south Central Virginia saw an increase in sales. However, sales slowed in parts of the New River Valley and Dan River regions.

“Virginia’s housing market is showing strong momentum as we continue into the fall,” Virginia Realtors President Lorraine Arora said in a statement. “With more homes coming onto the market and sales continuing to grow, Virginians are finding more opportunities to buy and sell in communities across the commonwealth.”

There were 8,450 pending home sales in October, 396 more than October 2024, a 4.9% increase. However, pending sales were down from September’s 8,662. On average, homes took almost three weeks to sell in Virginia last month, with a median of 19 days on market across the state — increasing from 15 days last October.

There were 25,196 active listings on the market at the end of October across Virginia, up from 24,759 active listings in September and up from 20,042 listings last year — a 25.7% year-over-year increase in inventory levels.

The statewide median sales price in October was $430,000, a 3.6% increase from $415,000 at the same time last year. Even though inventory has increased, Virginia Realtors said home prices kept rising in more than half of Virginia’s local markets, demonstrating continued demand for housing.

The association says that higher sales and rising home prices led to the state’s sold-dollar volume reaching $4.9 billion — a significant 8.1% increase (about $400 million) from last year.

“Mortgage rates remaining in the low 6% range have encouraged potential buyers and allowed for renewed motivation among some sellers,” Virginia Realtors Chief Economist Ryan Price said in a statement. “While the recent government shutdown has restricted insight into some economic trends, rising prices and a cooling labor market continue to pose challenges.”

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