Key Takeaways

• For the third month in a row, total home sales activity in Virginia experienced a slowdown. There were 9,334 closed sales across the commonwealth in April 2025, 74 fewer sales than a year ago, a 0.8% decrease.
• Home prices continued their upward trajectory in many local markets. The statewide median sales price was $425,000 in April, which is up by more than $8,000 since last year, reflecting a 2.0% increase.
• Mostly due to a rise in home prices, the sold dollar volume went up, despite a decline in closed transactions. There was approximately $5.1 billion sold volume throughout Virginia in April. This is about $136 million more than the same time last year, a 2.7% increase.
• At the end of April, there were 21,739 active listings on the market across Virginia, 5,692 more listings than last year, representing a significant 35.5% jump in inventory levels.

Outlook

The 2025 spring housing market in Virginia has shown some continued positive signs in activity levels. Here are some key things to watch over the coming months:

• More listings came on the market in April as the spring market heated up, which is great news to combat the pent-up demand in the market. However, higher prices will likely dampen first-time buyer interest, while move-up/repeat buyers will likely have more homes to choose from.
• The hesitation around the impact of tariffs and policy changes on consumer sentiment and the overall economy is likely to play a huge part in mortgage rate trajectory. Furthermore, the spring housing market in parts of Virginia is likely to experience slower activity due to spillover effects of this uncertainty.

You can view the full April 2025 Virginia Home Sales Report here.