Key Takeaways

• Total home sales slowed for the second straight month. There were 7,709 closed sales statewide in March 2025, which is 4.5% fewer sales than the same time last year, a decrease of 366 sales.
• Home prices are climbing around the state. The statewide median sales price in March rose to $418,000, a $21,000 jump from last year, up 5.3%.
• The rise in home prices drove up the sold dollar volume even as transaction volume dipped. There was approximately $4.1 billion of sold volume throughout the commonwealth in March, which is a 2.2% increase from a year ago, or an additional $89.7 million.
• There were 19,392 active listings on the market throughout Virginia at the end of March. This is a 29.7% increase over last year’s levels, about 4,400 more listings.

Outlook

The 2025 spring market is underway and there were some signals that activity picked up, but will it continue? Here are some key things to watch in the coming months:

• More listings are hitting the market, which is providing options for buyers, but the supply levels remain tight, so upward pressure on price points continues to be a factor. Rising prices coupled with volatile interest rates could dampen the spring market somewhat, but it’s likely buyers that remain active in the market will have more homes to choose from.
• There continues to be a lot of uncertainty in the broader economy and the full impacts of DOGE job cuts on Virginia’s workforce are still unfolding in real-time. This uncertainty will likely keep the spring housing market slower in some regions around the state.

Click here to view the full March 2025 Virginia Home Sales Report.