Report: Mixed signs in May for Virginia’s housing market

Virginia’s housing market was mixed in May, according to a report from Virginia Realtors. The total number of homes sold statewide was 10,715 (423 more than in May 2023) but pending sales were flat, potentially signaling some market hesitation, according to the study’s authors.

The median sales price in the state reached a new high of $425,000 – $15,000 more than last May – and the number of homes on the market continues to expand, with active listings rising by nearly 28% to 17,712 when compared with May 2023.

This highest growth in sales occurred in the Shenandoah Valley, the Roanoke Valley and South Central Virginia.

Despite the increase in supply, the competition for home sales remains stiff, with the median days on the market being seven days – only one day longer than the same month in 2023.

“We’re still looking at a ‘sellers’ market’ here in the commonwealth,” says Virginia Realtors CEO Terrie Suit. “Houses are selling quickly, and in nearly all price brackets, sellers continue getting more money than the asking price.”