Virginia home sales down slightly in June, but listings up 25%

The Virginia Home Sales Report, published recently by Virginia Realtors, found that home sales in the state declined slightly in June compared to the same month last year.

According to the report, 10,018 homes were sold statewide this June, 974 fewer than were sold in June 2023. But, the report also indicated that overall sales activity across Virginia in 2024 was slightly outpacing the first six months of 2023 even though mortgage rates have been higher this year than last year.

“This year’s rise in home sales could suggest that some portions of the buyer pool are getting more acclimated to the higher rate environment,” said Virginia Realtors Chief Economist Ryan Price.

The report also revealed that the statewide median sales price in June 2024 reached $431,380, an increase of 5% compared to the same month in 2023. About 68% of Virginia’s county and city markets reported median price gains in June, the report found.

“Price growth continues to be a widespread trend in Virginia, and affordability challenges are brewing in some of our larger regional markets,” said Virginia Realtors CEO Terrie Suit.

One bright spot for homebuyers in Virginia, according to the report: the significant inventory gains that are being seen across the state. At the end of June 2024, there were 18,340 active listings on the market, an increase of almost 25% when compared to the same month in 2023.