Key Takeaways

• Sales activity was flat in Virginia this month. There were 9,423 homes sold in August, just 15 more than last year (+0.2%). This also mirrors year-to-date trends in what has been a sluggish 2025 market.
• Home prices are still drifting up. The statewide median sold price in Virginia’s housing market in August was $430,000, climbing $15,000 from a year ago, which is a 3.6% increase.
• While total sales have been flat, higher price points continue to pull up the sold dollar volume. There was approximately $5.1 billion of sold volume across the commonwealth in August, an influx of about $212 million from last year (+4.4%).
• Supply levels continue to grow in Virginia’s housing market. There were 24,606 active listings on the market at the end of August, a 26.2% jump from a year ago, reflecting about 5,100 more listings.

Outlook

Mortgage rates are falling, and supply is growing, but will it translate to more sales in what has been a sluggish 2025 market? Here are some key trends to watch over the coming months:

• Mortgage rates are now officially in the low 6% range, the lowest they have been in about a year. This has predictably led to a surge in mortgage applications, though the largest jump has been with refinances. Rates are likely to be volatile week to week, but if they generally trend down over time it could lead to a bump in home sales to close out the slow 2025 market.
• More listings continue to be the big story of 2025, but the overall supply remains tight relative to sales volume. As more listings hit the market, buyers that are active will have more options, but price levels remain out of reach for many potential buyers and continue to climb in most markets. This will likely keep potential sales gains from more inventory muted.

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