Virginia’s Fall Housing Market Sees Major Uptick in Sales and Listings

Virginia’s housing market surged in October 2024, marking a significant turnaround as sales increased and inventory grew, according to the latest Virginia Home Sales Report from Virginia REALTORS®.

Statewide, 8,732 homes were sold in October—a 12.5% jump from last year, driven by a surge in pending sales during September when mortgage rates dipped into the low 6% range. This marked a notable shift after months of more restrained activity.

Adding to the momentum, the supply of active listings climbed to 20,042 by the end of October, 16% higher than the previous year. This is the first time in four years that active listings have exceeded 20,000, signaling a growing confidence among sellers.

“Growing inventories of available homes is a widespread trend we are seeing across most of the commonwealth,” said Ryan Price, Chief Economist at Virginia REALTORS®. The report highlighted that 74% of Virginia’s local housing markets experienced an uptick in active listings, indicating a broad-based improvement in inventory levels.

Prices Continue to Climb Amid Limited Supply
Despite the increase in inventory, housing prices continued to rise. Virginia’s median sales price in October reached $415,000, reflecting a 6.4% year-over-year increase. That’s a $25,000 jump compared to October 2023.

“While inventory conditions are improving, tight supply and pent-up buyer demand are keeping upward pressure on sales prices,” said Tom Campbell, 2024 President of Virginia REALTORS®.

Homes Selling Quickly But With Slight Delays
Homes remained in high demand, though they stayed on the market slightly longer than last year. The median days on the market statewide increased to 15 days, up from 11 days in October 2023.

Sales activity varied by region, with homes selling fastest in Northern Virginia, Charlottesville, and Harrisonburg, where properties were snapped up in just eight days on average. In Richmond, homes typically sold within 10 days, while those in Hampton Roads took about 21 days to find buyers.

Looking Ahead
As inventory continues to build and buyer demand persists, Virginia’s housing market is likely to remain active. However, price growth and tight supply could challenge affordability for some buyers.

For more details, the full Virginia Home Sales Report for October 2024 is available on the Virginia REALTORS® website.