Key Takeaways

• Sales activity continues to outpace last year. There were 8,388 closed sales in March statewide, 679 fewer than a year ago, an 8.8% increase. This marks the third consecutive month of growth. Year-to-date sales totals are up by 6.4% from last year, the strongest 1st quarter since 2022.
• The statewide median sales price climbed modestly, up 1.7% from March of last year to $425,000. Home price growth continues to slow down as more inventory hits the market.
• Sold dollar volume jumped up by 10.3% in March to $4.5 billion, an influx of about $421 million. Year-to-date sold dollar volume is up by about $800 million over last first quarter 2025 levels (+7.9%).
• More active listings are on the market around the state as inventory conditions slowly improve. There were 20,979 active listings on the market at the end of March, 1,247 more than a year ago (+6.3%). This is the highest March-level of active listings the state has seen since March 2020.

Outlook

The spring market is underway and top-line state numbers are up, though there is a lot of regional variability. Here are some key factors to watch in the coming months:

• Mortgage rates will be the biggest factor in the spring market. The conditions are in place for a potentially busy spring market. Buyers have more options as listing growth continues. More sellers are entering the market. Sales through March are well above last year’s Q1 totals. Mortgage rates dipped into the low 6% range in January and February (even dropping below 5% for one week), before climbing for five straight weeks. Rates are well below levels seen a year ago, but if rates trend upward, it could mute late-spring market activity. If rates drift downward, and remain in the lower 6% range, the near-term activity is likely to be brisk, as pent-up demand remains strong.
• Home prices are generally higher than last year, but the pace has slowed. This softening in price growth reflects more supply coming onto the market, and more options for buyers. In addition, some of the state’s larger markets have experienced a drop in median price. These trends indicate that buyers are in a better position than spring markets in recent memory, but overall supply conditions are still tight, and pent-up demand still exceeds supply, so competitive conditions are likely to remain a factor.

Read the full March 2026 Virginia Home Sales Report for detailed market trends and insights.