VIRGINIA HOME PRICES RISE DESPITE SLOW SALES
Home sales activity in Virginia remained subdued in May 2025, marking the fourth consecutive month of decline.
Closed sales were down 0.6% compared to the previous year.
Despite lower sales, home prices continued to rise in most local markets.
Virginia’s median sales price increased by 3.5% year-over-year to $440,000.
Higher prices led to a 1.3% increase in total sold volume even with fewer transactions.
Affordability concerns, particularly high prices and mortgage rates near 7%, are impacting buyers.
Inventory saw significant growth, increasing over 30% from the previous year.
The median days on market rose slightly to 10 days but remains relatively quick historically.
Economic uncertainty is also making some potential buyers hesitant.
Source:
Report: Virginia Home Prices Continue Rising Despite Sluggish Sales Activity
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