Virginia Home Sales Rise in February as Inventory Grows, Spring Outlook Uncertain

Virginia’s housing market picked up speed in February, with more homes sold and more listings available, giving buyers new options as the spring season approaches.

A new report from the Virginia Association of REALTORS® shows 6,581 homes sold statewide in February. That’s 452 more sales than the same time last year, a 7.4% increase. Sales also jumped nearly 12% from January, signaling growing momentum early in 2026.

Much of that growth is tied to improving inventory. There were more than 10,000 new listings in February, up 6.3% from a year ago. Active listings climbed even higher, reaching 19,601 homes on the market, a more than 9% increase.

That shift is giving buyers more choices than they’ve had in recent years. About 71% of local markets across Virginia reported higher inventory compared to last February.

At the same time, homes are taking a bit longer to sell. The median time on market rose to 23 days, up from 17 days last year. That change suggests a more balanced market, where buyers may have slightly more time to make decisions.

Prices continued to rise, but at a slower pace. The median sales price in February was $410,000, up 1.6% from last year. More than half of local markets saw price increases, though growth remained modest.

Pending sales, a sign of future activity, also moved higher. There were 7,115 pending sales in February, a 5% increase from a year ago. So far in 2026, pending sales are up more than 9%, helped by lower mortgage rates earlier in the year.

“February’s data shows that Virginia’s housing market entered 2026 with solid momentum,” said Virginia REALTORS® Chief Economist Ryan Price. “Higher inventory, steady buyer interest, and softer price growth were setting the stage for a busier spring season.”

But that outlook may be shifting. Price warned that global tensions, including the war involving Iran, have already begun to push mortgage rates higher and create instability in financial markets.

“How high mortgage rates climb will play a major role in determining whether the spring market maintains its pace or slows,” Price said.

Even with that uncertainty, real estate professionals across the state say activity remains strong. Many buyers and sellers who had been waiting on the sidelines are now entering the market as conditions improve.

“Even with the economic headwinds, we’re still seeing encouraging signs as we head into spring,” said Virginia REALTORS® 2026 President Curt Reichstetter. “Inventory is growing, buyers have more options, and many local markets are experiencing renewed activity.”

Reichstetter added that agents are helping clients adjust to changing conditions while still finding opportunities.

Overall, February’s data points to a housing market that is gaining strength, but facing new questions as outside economic pressures begin to build.

Read the full February 2026 Virginia Home Sales Report for detailed market trends and insights.