Virginia home sales were down 9 percent in February from a year ago, and a 4.6 percent dip in the total amount of home-sales volume statewide, according to the February 2025 Virginia Home Sales Report released by Virginia REALTORS® on Tuesday.
“While there is still a lot of pent-up demand for homes in Virginia, there is also uncertainty in the market,” says Virginia REALTORS® Chief Economist Ryan Price. “February’s slowdown in sales could be an early signal that there is some hesitancy in some of our regional markets due to growing concerns around federal employment, but it is likely too soon to know the full scope or impacts potential job cuts could have on the housing market around much of the state.”
The market decline could also be a reflection of the winter weather and “growing pessimism about mortgage rates,” Price said.
“All of these factors are likely causing this slow start to the 2025 market,” Price said.
At the end of February, there were 17,529 active listings on the market throughout Virginia. This is more than 3,100 additional listings than there were a year ago, reflecting a 21.6 percent influx.
“The increase in active listings is indicative of homes staying on the market a bit longer,” said Virginia REALTORS® 2025 President Lorraine Arora.
Last month, the statewide median days on market was 17 days, two days more than February 2024.
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Chris Graham
