Key Takeaways

• Closed sales activity remains relatively flat compared to last year. There were 8,065 homes sold in September throughout the state, just 42 more than last September, inching up less than 1%.
• Home prices continue to trend up in Virginia. The median sales price in September 2024 was $419,200. This is a 10.3% jump from a year ago, a gain of more than $39,000 to the median price. This is the largest dollar jump in the statewide median price since the spring of 2022.
• There was about $4.1 billion of sold volume across all housing markets in Virginia in September. This is a relatively strong increase, about 10.8% more than this time last year, an influx of about $404 million of sold volume. Most of this growth was driven by higher price points as sales activity was flat this month.
• Supply conditions remain tight but are improving. There were 19,764 active listings on the market statewide in September, an 18.9% surge, which is about 3,100 additional listings.

Outlook

Closed sales continued to be flat this month, but there was a boost in pending sales. Will these trends hold as the fall market takes shape? Here are some key things to watch:

• Supply conditions remain tight, but they are improving. Active listings have outpaced 2023 levels every month so far in 2024. More new listings are coming on the market, and this is likely to continue as the lock-in effect slowly loosens over time from pent-up demand of move-up buyers.
• Pending sales activity was up in September, but will it last? The boost in new contracts in September was likely driven by mortgage rates falling into the low-6% range for the first time in 20 Since the end of September, mortgage rates have climbed closer to the mid-6% range which could dampen pending sales a bit in October, but new contracts are still likely to outpace last October because last year was the lowest level seen in more than a decade as mortgage rates lingered in the high-7% range at that time.

Click here to view the full August 2024 Virginia Home Sales Report published by Virginia REALTORS^®.