Virginia housing market for 24 ends strong

Virginia’s housing market showed a significant uptick in November, according to the latest Virginia Home Sales Report from Virginia REALTORS®. The data reveals strong growth in closed and pending sales, as well as continued price increases across most areas of the state.

In November, 7,853 homes were sold statewide, marking a 13% increase compared to the same time last year. This marks the second consecutive month of double-digit growth in closed sales. Pending sales also rose sharply, with 6,863 homes placed under contract—a 15.2% increase from November 2023. “This strong performance caps off a year that, despite challenges, has ended on a high note for Virginia’s housing market,” said Ryan Price, Chief Economist for Virginia REALTORS®.

The state also saw a boost in new listings, with 9,031 homes listed for sale, a 10.3% increase from the previous year. “More sellers are entering the market, contributing to the growth in new listings,” noted Lorraine Arora, President of Virginia REALTORS® for 2025. However, she cautioned that while inventory is expanding, the total number of listings remains about 40% smaller than it was five years ago. By the end of November, there were 18,870 active listings statewide, a 12% year-over-year increase.

Home prices continued to climb, with the median sales price reaching $415,000, a $30,000 increase from November 2023. Nearly 76% of local markets in Virginia saw median price growth. Despite this, affordability remains a challenge for many buyers, especially as mortgage rates remain elevated.

The Virginia Home Sales Report provides a comprehensive snapshot of the state’s housing trends, offering valuable insights for both buyers and sellers navigating this dynamic market.