The Virginia real-estate market saw sales drop in March, year over year, with pending sales up, so, mixed bag is the term of the day.
According to the March 2025 Virginia Home Sales Report released by Virginia REALTORS® on Tuesday, there were 7,709 closed sales statewide in March 2025, which is 4.5 percent fewer sales than the same time last year, but there were 9,435 pending sales statewide, up 5.1 percent from a year ago, an increase of 454 pending sales.
Virginia’s inventory of active listings continues to expand. There were 19,392 active listings on the market at the end of March. This is more than 4,400 additional listings from a year ago, a jump of nearly 30 percent.
This is the largest increase over the prior year Virginia’s housing market has seen in several years.
More than 80 percent of counties and cities in Virginia had more active listings at the end of March compared to the prior year.
“Market conditions remain competitive,” Virginia REALTORS® 2025 President Lorraine Arora said. “While overall inventory remains tight in Virginia, the significant bump in new listings coming to market means buyers will have more homes to choose from.”
Price growth continues to be robust in most housing markets in Virginia. The statewide median sales price in March was $418,000, jumping up $21,000 from last year, a 5.3 percent increase.
About two-thirds (63 percent) of local housing markets around the Commonwealth had higher median prices than last year.
“Rising prices coupled with volatile mortgage rates could dampen the spring market somewhat, but the rising inventory levels will be a bright spot for buyers,” Virginia REALTORS® Chief Economist Ryan Price said.
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Chris Graham
