RICHMOND — Virginia’s housing market saw more activity on both sides of the table in March according to the March 2025 Virginia Home Sales Report released by Virginia REALTORS.
Both pending sales and new listings rose from March 2024 levels.
The association noted there were 7,709 closed sales statewide in March, which is 4.5% fewer sales than the same time last year. However, rising pending sales reveal a boost in buyer-side market participation compared to levels seen last year. In March, there were 9,435 pending sales statewide, up 5.1% from a year ago, an increase of 454 pending sales.
Virginia’s inventory of active listings continues to expand, it added. There were 19,392 active listings on the market at the end of March. This is more than 4,400 additional listings from a year ago, a jump of nearly 30%. This is the largest increase over the prior year Virginia’s housing market has seen in several years. More than 80% of counties and cities in Virginia had more active listings at the end of March compared to the prior year.
“Market conditions remain competitive,” says Virginia REALTORS President Lorraine Arora. “While overall inventory remains tight in Virginia, the significant bump in new listings coming to market means buyers will have more homes to choose from.”
Price growth continues to be robust in most housing markets in Virginia, according to the association. The statewide median sales price in March was $418,000, jumping up $21,000 from last year, a 5.3% increase. About two-thirds (63%) of local housing markets around the commonwealth had higher median prices than last year.
“Rising prices coupled with volatile mortgage rates could dampen the spring market somewhat, but the rising inventory levels will be a bright spot for buyers,” says Virginia REALTORS Chief Economist Ryan Price.
The Virginia Home Sales Report is published by Virginia REALTORS. Click here to view the full March 2025 Virginia Home Sales Report.
