RICHMOND — There was a pullback in closed sales in February, according to the February 2025 Virginia Home Sales Report released by Virginia REALTORS.
Virginia REALTORS is the largest trade association in Virginia, representing 35,000 realtors engaged in the residential and commercial real estate business.
According to the report, there were 6,129 homes sold statewide, down 9% from last February, a reduction of 604 sales. The slowdown brought down the total sold dollar volume in Virginia’s housing market, despite climbing price points, with about $3.1 billion in sold volume statewide in February, about $148 million less than this time last year, a 4.6% dip.
Home prices continue to trend upward in most parts of the commonwealth, according to the trade association. The February median sales price in Virginia was $403,500. This is nearly $19,000 higher than it was a year ago, a 4.9% increase.
At the end of February, the trade association said there were 17,529 active listings on the market throughout Virginia — more than 3,100 additional listings than there were a year ago, reflecting a 21.6% influx.
“The increase in active listings is indicative of homes staying on the market a bit longer,” says Virginia REALTORS 2025 President Lorraine Arora.
Last month, the statewide median days on market was 17 days, two days more than February 2024, according to Virginia REALTORS.
“While there is still a lot of pent-up demand for homes in Virginia, there is also uncertainty in the market,” says Virginia REALTORS Chief Economist Ryan Price. “February’s slowdown in sales could be an early signal that there is some hesitancy in some of our regional markets due to growing concerns around federal employment, but it is likely too soon to know the full scope or impacts potential job cuts could have on the housing market around much of the state. It also could reflect the winter weather we had in January and growing pessimism about mortgage rates. All of these factors are likely causing this slow start to the 2025 market.”
Click here to view the full February 2025 Virginia Home Sales Report.
