Virginia
Housing Market
Changing home prices and demand influence the landscape of Virginia’s housing market. Houzeo’s housing market report tracks these changes in supply and demand across Virginia. Furthermore, our report offers real-time insights to help you make informed decision.
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MigrationVirginia Housing Market Overview
Real estate in Virginia is getting expensive, with a 6.3% YoY growth as of January 2025. This constant increase in home prices indicates the strength of the housing market. Currently, the median home price in Virginia is $425,100. Additionally, the number of homes sold has increased by 2.2% YoY.
The median days on the market also indicates the market competitiveness. Houses in Virginia now go under contract at a median of 41 days. These metrics collectively indicate changes in the pace and affordability of the housing market in Virginia.
What Does It Mean for Home Buyers and Sellers?
The median days on the market also indicates the market competitiveness. Houses in Virginia now go under contract at a median of 41 days. These metrics collectively indicate changes in the pace and affordability of the housing market in Virginia.
What Does It Mean for Home Buyers and Sellers?
- If You're a Buyer: There are fewer chances of negotiation since the median number of days on the market are just 41 days. Moreover, mortgage rates of 6.76% can reduce buying power. Whether you’re looking for a condo in Arlington or a single-family home in Virginia Beach, move when there is less competition among buyers.
- If You're a Seller: The growing prices and high demand in the state can work in your favor. The current 6.3% increase in median home sale values is your sign to list your home on the MLS and earn a good profit.
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Virginia Housing Supply
Virginia’s housing supply is poised to grow at a steady pace. Experts predict that it will gain momentum as new construction expands this year. The number of homes for sale in Virginia has increased by 6.5% year over year in January 2025. Currently, there are 23,472 houses for sale in VA. The market leans towards sellers with 2 months of supply. Fewer months of supply indicate a seller’s market, while more months indicate a buyer’s market.
What Does It Mean for Home Buyers and Sellers?
If You're a Buyer: You have more inventory options, since the number of homes for sale is up by 6.5% YoY. However, the 2-month supply period is in favor of sellers. This means that buying a home in Virginia can be expensive and competitive. If You're a Seller: A 2-month supply reflects an environment of high buyer demand. This supply constraint gives you significant leverage in negotiations. Though new listings increased by 4.3% in January 2025, it’s a modest growth that maintains your market advantage. Price your home right, and you should attract multiple competitive offers.
What Does It Mean for Home Buyers and Sellers?
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Virginia Housing Demand
The percentage of homes selling above the list price is a key indicator of housing demand. When more homes sell for more than the list price, it shows strong buyer competition and high demand. A decline suggests more supply. Tracking this trend helps you gauge market competitiveness.
In January 2025, 29.3% of Virginia homes for sale sold above the list price. While 22.8% of homes saw price drops, the 99.1% sale-to-list price indicates that the market favors sellers.
What Does It Mean for Home Buyers and Sellers?
If You're a Buyer: The Virginia housing market shows subtle shifts in your favor. More sellers are adjusting their expectations, with 22.8% of homes seeing price drops. The sale-to-list price ratio now sits at 99.8%. So, if you adopt a solid bidding strategy, you stand a chance to land a favorable deal. If You're a Seller: You'll make good profits if you sell now. The 99.1% sale-to-list price ratio and limited supply mean that buyers will be willing to pay near full price. 29.3% of homes in Virginia sell above list price, up by 0.5 points YoY. Strategic pricing can help you attract more potential buyers in the current market.
In January 2025, 29.3% of Virginia homes for sale sold above the list price. While 22.8% of homes saw price drops, the 99.1% sale-to-list price indicates that the market favors sellers.
What Does It Mean for Home Buyers and Sellers?
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Seller’s Market
Seller: Housing demand exceeds supply and drives the prices up. Homes sell fast and get multiple offers from buyers.
Is it a Buyer's or Sellers's Market in Virginia?
As of January 2025, home sellers in Virginia have an advantage due to increased sale prices and limited supply. The median days on the market, which is currently 41 days with no YoY change, as well as the 2-month supply period also favors sellers.
The current mortgage rate of 6.76% is set to reduce buying power. However, the 22.8% of homes with price drops and 4.3% rise in new home listings could present opportunities for home buyers in Virginia. These trends vary significantly within the Virginia real estate market.
Virginia Housing Market Insights
Compared to the nationwide market, the housing market in Virginia is highly competitive. House prices in Virginia are rising at a faster rate. The median home price in Virginia ($425,100) is slightly higher than the national median of $418,489. The increasing number of Virginia houses for sale points to growing options for buyers. Currently, there are 23,472 homes available for sale in the Old Dominion State.
Housing markets like McLean have cooled due to fast-growing home prices and extremely low competition. With a median home sale price of $1,800,000, homes for sale in McLean spend as many as 116 days on the market. However, given that the market adjusts to economic factors, 2025 housing market predictions for Virginia suggest continued growth in some regions. Overall, the housing market in Virginia favors home sellers. If you want to buy a house in Virginia, you should wait till home prices go down and take into account any additional costs.
Housing markets like McLean have cooled due to fast-growing home prices and extremely low competition. With a median home sale price of $1,800,000, homes for sale in McLean spend as many as 116 days on the market. However, given that the market adjusts to economic factors, 2025 housing market predictions for Virginia suggest continued growth in some regions. Overall, the housing market in Virginia favors home sellers. If you want to buy a house in Virginia, you should wait till home prices go down and take into account any additional costs.
Nationwide Migration Trends
Virginia experienced high inbound migration during 2024, for personal and professional reasons. Citizens choose to migrate to urban, suburban, and rural areas at a near equal rate. Richmond, Northern Virginia and New Kent County are some of the most-migrated to regions in the state.
This migration pattern reflects the broader differences in the national cost of living index. Currently, the cost of living index in Virginia is 103.7.
This migration pattern reflects the broader differences in the national cost of living index. Currently, the cost of living index in Virginia is 103.7.
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Frequently Asked Questions
How have the home prices in Virginia changed over the past years?
Virginia's housing prices have been on the rise over the past years. High demand and low inventory are two main reasons for this increase. The median home price in Virginia has witnessed a 6.3% YoY growth. Moreover, multiple regions in Virginia saw growth of double-digit percentages. To know where you stand, you can use our free home value estimator.
Are Virginia house prices dropping?
No, house prices in Virginia aren't dropping. Despite varied local trends, the prices of homes for sale in Virginia have risen statewide. January 2025 showed a 6.3% YoY growth. Markets like Danville and McLean saw significant gains.
What’s the average home price in Virginia?
The average house price in Virginia differs based on the location and size of your VA house, as well as market conditions. It typically ranges from $348,000 for condos to $440,700 for single-family homes.
What are the Virginia housing market predictions for 2025?
The housing market in Virginia is expected to witness a steady price growth throughout 2025. The demand for homes is projected to remain strong due to slow inventory growth. However, mortgage rates are expected to stay high throughout 2025, cementing Virginia's position as a seller's market.
Is now a good time to buy or sell a home in Virginia?
Now is a great time to sell a house in Virginia. Real estate trends in Virginia, especially for home prices and inventory, currently favor sellers. However, if mortgage rates stabilize and the months of supply increases, it will be the best time to buy a house in Virginia.
How is the housing market in Virginia in comparison with the national market?
The current housing market in Virginia is more competitive than the US market at large. The slow inventory growth keeps the demand and prices high. Home prices in VA are currently 5.3% higher than the national median.
What are the steps to buy a house in VA?
Start out with a clear budget and get a mortgage pre-approval. Next, carefully browse houses in Virginia for sale. Once you secure your loan, make a competitive offer and complete the closing process.
How can I list my house in Virginia on the MLS?
You can list your home for sale with a Flat Fee MLS Virginia listing service. High-tech MLS listing sites like Houzeo automatically assign the right MLS paperwork based on your location. 🚀
What is the average mortgage rate for buyers in Virginia?
The average mortgage rate for buyers in the VA housing market fluctuates between 6.37% to 6.9%. It depends on the market and your credit score. Always check current rates with lenders before you apply for a loan.
What is the average cost of housing in Virginia?
A single-family home in Virginia costs an average of $440,700, with significant regional price variations. The housing cost in Virginia exceeds the national average by 7.7%. You can check your area's cost of living with our Virginia cost of living calculator.
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