The housing market in Virginia is strong, with home sales in October up 12.5 percent over October 2023, according to the October 2024 Virginia Home Sales Report released this week by Virginia REALTORS®.
The driver: a jump in pending sales in September when mortgage rates were falling into the low 6 percent range.
Statewide, there were 8,732 closed sales in October, 968 more than a year ago, according to the Virginia REALTORS® report.
And there are signs that the market will continue to be strong going forward. There were 20,042 active listings on the market throughout Virginia at the end of October, 16 percent more than a year ago.
Statewide, this is the first time the overall supply of active listings has exceeded 20,000 in about four years, signaling that more sellers are slowly entering the market.
“Growing inventories of available homes is a widespread trend we are seeing across most of the commonwealth,” said Virginia REALTORS® Chief Economist Ryan Price. “At the end of October, 74 percent of Virginia’s local markets had more active listings than a year ago, showing the influx of inventory is not just a localized trend.”
Sales prices are still rising in most local housing markets in the Commonwealth. The statewide median sales price in October was $415,000, climbing $25,000 from this time last year, a 6.4 percent increase.
“While inventory conditions are improving, tight supply and pent-up buyer demand are keeping upward pressure on sales prices,” Virginia REALTORS® 2024 President Tom Campbell said.
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Chris Graham
