REALTORS^® In Virginia Foresee Lower Buyer Activity Due To Economic Uncertainty. 

By Abel Opoku-Adjei
Research Associate, Virginia REALTORS^®

Each month, the Virginia REALTORS^® Confidence Survey gathers important information from REALTORS^® on local housing markets based on their experiences with real estate transactions in the prior month. This data provides a real-time look at housing market conditions. This month’s Confidence Survey was conducted between March 27th, 2026, and April 2nd, 2026, and reflects housing market conditions in Virginia in March 2026. A total of 364 Virginia REALTORS^® members responded to the survey, including 268 who participated in a home sales transaction in the past month. 

Current Market Conditions 

Buyers  

The survey indicates that buyer activity rose in March compared to February. Results from the survey saw the buyer activity index rise to 52 in March, up from 44 last month. Nearly 23% of respondents considered buyer activity in their local markets as “high” or “very high,” whereas 19% viewed it as “low” or “very low.” 

Results From Virginia REALTORS^® Confidence Survey

According to the survey, 35% of respondents said their most recent transaction in March involved a first-time home buyer, up 1 percentage point from February. Roughly 23% of REALTORS^® engaged in all-cash transactions in March, up from 17% in February. Additionally, about 15% of REALTORS^® handled transactions involving non-primary residences, like rentals, second homes, or vacation properties, representing a 4% decline from the previous month.

In March, REALTORS^® reported an average of 2.4 offers, up from 1.9 last month. Around 38% of REALTORS^® said their clients received offers above the listing price in March, increasing from 29% in February.

Sellers

REALTORS^® in Virginia continue to see a rise in seller activity. The Seller Activity Index rose to 41 from 37 the prior month. Approximately 12% of REALTORS^® indicated that seller activity in their area was “high to very high” in March, while 30% reported it as “low to very low.”

Obstacles

Buyers

Buyer activity in March increased from the previous month as the spring market began, which was expected. Still, some clients couldn’t participate in the buying process this month due to certain obstacles. Nearly 32% of REALTORS^® identified limited housing options as a major barrier. Around 12% pointed to high mortgage rates as the primary challenge, while approximately 5% mentioned that clients find it difficult to save for a down payment. Many clients hesitate to purchase due to worries about job security and current economic uncertainty.

Results From Virginia REALTORS^® Confidence Survey

Sellers

About 12% of REALTORS^® in Virginia reported that their seller clients hesitated to sell in March because of low interest rates on their current homes. Another 14% cited difficulty finding suitable properties because of limited inventory. Nearly 11% identified rising home prices as the main obstacle to selling.

Results From Virginia REALTORS® Confidence Survey

Pending Sales Activity

Across the state, there were 7,115 pending sales reported in February, 339 more than the previous year, marking a 5.0% increase. Although most pending sales close successfully, delays and failures can happen for various reasons. The survey found that 180 Virginia real estate agents reported at least one seller client with a purchase agreement, and 46 of these deals did not close as expected.

Respondents to the March survey pinpointed key reasons for failed transactions. About 60% attributed failures to inspection issues, around 7% to low appraisals, nearly 21% to buyers not securing timely mortgage approval, and another 5% to job loss or financial hardship. Lastly, virtually 9% of respondents reported issues with the home’s title.

Reasons For Selling

Results From Virginia REALTORS^® Confidence Survey

We surveyed the primary reasons why sellers were listing their homes in Virginia. About 27% of REALTORS^® mentioned their seller clients are moving out of state in March, while 13% said their clients are looking to relocate within Virginia. An additional 17% noted that their clients want to downsize locally, while 13% reported that clients are seeking larger homes nearby. Finally, around 6% of agents reported that their clients are selling a second property this month.

Market Outlook

The outlook for future buyer activity has declined for three consecutive months. This index gauges REALTORS^®’ expectations for market behavior over the next three months, falling to 57 in March from 66 in February. Approximately 31% of respondents foresee an increase in buyer activity in their local markets in the next three months, whereas 17% expect a decrease.  

Results From Virginia REALTORS^® Confidence Survey

The Seller Activity Outlook Index in March (3-Month Outlook) fell to 54, marking a four-point decrease from the previous month. About 23% of Virginia REALTORS^® expect seller activity to grow over the next three months, whereas 13% foresee a decline between April and June. Lastly, 41% of surveyed REALTORS^® in Virginia anticipate home prices will trend upwards over the next three months. Around 28% believe prices will stay steady, and 23% expect a decrease. 

Virginia REALTORS^® Confidence Survey: 2026 Highlights

A An index greater than 50 indicates more respondents reported the level of activity as “high to very high” than reported the level of activity as “low to very low.”

B An index greater than 50 indicates more respondents expect future activity to be “strong” than expected future activity to be “weak.”

A note about surveys: This is not a randomized sample survey of Virginia REALTORS^® members. However, the number of responses and the geographic coverage of respondents make it possible to draw conclusions about the opinions and expectations of Virginia REALTORS^®. The statistics from this survey have a margin of error of +/- 4.1 %.

Responses to our surveys are confidential. We do not look at individual responses but rather report data in the aggregate.

For more information about Virginia’s housing market, check out our most recent home sales report, and local housing market data.