According to the August 2023 Virginia Home Sales Report, there were 9,456 sales in Virginia’s housing market. This is 2,237 fewer sales than last August, reflecting a 19.1% plunge in market activity. Climbing mortgage rates are keeping both potential buyers and potential sellers on the sidelines which is slowing the market.

At $400,000, the statewide median sales price in August was $26,100 higher than a year ago, a 7% price gain. The low supply of homes on the market continues to put upward pressure on home prices in most local markets in Virginia despite the cooldown in sales activity.

There was about $4.7 billion of sold volume in Virginia’s housing market in August, which is about $500 million less sold volume than this time last year, a 9.7% drop. While home prices continue to rise, the sharp decline in closed sales brought down the sold dollar volume.

Supply levels continue to get tighter in Virginia’s housing market. There were 17,417 active listings on the market across the state at the end of August. This is 1,705 fewer listings than were active a year ago, an 8.9% decrease.

Click here to read the entire August 2023 Virginia Home Sales Report.