Key Takeaways

• Home sales activity increased in May, supporting the continued trend of rising home sales since the beginning of 2026. There were 10,940 closed sales across the Commonwealth, 291 more sales compared to a year ago, a 2.7% increase.
• Home prices saw a modest increase across the state, but price trends varied widely across different regions. The statewide median sales price was $452,060 in May, going up $12,060 since last year, increasing by 2.7%.
• Higher sales activity along with rising home prices led to an increase in sold dollar volume. There was approximately $6.3 billion of sold volume throughout Virginia in May. This is about $500 million higher than the same time last year, an 8.6% increase.
• At the end of May, there were 25,871 active listings on the market across Virginia. This represents 2,271 more listings than last year, a 9.6% jump in inventory levels.

Outlook

Virginia’s housing market showed continued momentum in May despite higher mortgage rates and economic uncertainty caused by the conflict in Iran. The spring market has benefited from rising inventory levels, continued buyer interest, and softening price growth in Virginia. Here are some key trends to watch over the coming months:

• Mortgage rate recovery following an easing of geopolitical tensions in Iran is likely to be long drawn out as bond markets grapple with new developments since the beginning of the war.
• Home sales are likely to continue their upward trajectory supported by pent up demand and increased inventory levels.
• Despite rising inventory, there is still a need for more supply to meet the continuing needs of Virginia’s population and to moderate home price growth.

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