Virginia home sales spike in July

Virginia home sales were up 10.7% in July, when compared to the same month last year, according to the Virginia Home Sales Report released on Wednesday by Virginia Realtors.

The report showed that inventory continued to expand in the state, with 19,162 active listings statewide at the end of July, which is 4,223 more listings than a year ago – a 28.3% increase. There also were also 12,439 new listings that came onto the market in Virginia in July, a 13.6% increase (nearly 1,500 more homes) when compared to the same month in 2023.

“Virginia’s inventory of active listings has been expanding every month so far in 2024,” said Virginia Realtors Chief Economist Ryan Price. “Even with more listings, the overall supply level remains tight and continues to favor sellers with the average sold-to-list price ratio above 100%.”

The statewide median sales price in July was $426,000, which was up 6.5% (or about $26,000) when compared to July 2023. About 77% of Virginia’s counties and cities witnessed a higher median sales price last month than in July 2023.

“Because demand still far outweighs supply in Virginia’s housing market, it’s likely that these conditions will continue putting upward pressure on prices as we approach the fall market,” said Virginia Realtors 2024 President Tom Campbell.

The full report is available by clicking here.