Virginia Real Estate Market Sees Encouraging Signs of Growth

The Virginia real estate market is showing promising signs of growth as the spring season unfolds. While it may not be breaking any records, there is a steady momentum building in the market, according to Ryan Price, chief economist of the Virginia Realtors trade group. Sales data from February, reported by the statewide trade organization, reveals a 3.5 percent increase in sales compared to the previous year, with a total of 6,733 properties sold.

The median sales price also saw a positive trend, rising by 3.9 percent year-over-year to $384,576. This increase was observed in approximately 70 percent of Virginia localities. The market inventory for the month reached $3.23 billion, indicating an 11 percent growth compared to February 2023. However, it still lags behind the figures recorded in 2021 and 2022.

Notable growth in sales has been observed along the I-81 corridor, particularly in the Winchester, Harrisonburg, and Staunton regions, as well as the Roanoke and New River valleys. On the other hand, regions such as the Greater Piedmont, Martinsville area, and Hampton Roads have experienced slower sales compared to the previous year.

Despite the slight overreaching in pricing by sellers, with an average sold-to-listing-price ratio of 99.8 percent, homeowners are still benefiting. The median sales price in February exceeded the previous year by nearly $100,000, reaching $287,000. This increase may motivate more property owners to consider trading up or relocating, even amidst the current higher-interest-rate environment.

The market has also seen a rise in new listings, up 9.9 percent compared to the previous year. This increase in inventory provides more opportunities for prospective buyers as the market enters its busiest season. Additionally, pending sales at the end of February were up 8 percent from the previous year, serving as another positive indicator for the market’s growth.

While these figures represent the majority of homes in the market, it is important to note that they are preliminary and subject to revision. Nevertheless, they paint an optimistic picture for the Virginia real estate market, indicating a healthy and promising spring season ahead.

弗吉尼亚州房地产市场在春季季节展现出有希望的增长迹象。根据弗吉尼亚房地产经纪人协会(Virginia Realtors)首席经济学家瑞安·普莱斯(Ryan Price)的说法,市场正在稳步积累势头,尽管可能没有创纪录的增长。该州的行业组织报告的二月销售数据显示,与去年同期相比,销售量增长了3.5%,共售出6733套房产。


在I-81走廊地区,特别是Winchester、Harrisonburg和Staunton地区以及Roanoke和New River谷地区,销售额有显著增长。另一方面,Greater Piedmont地区、Martinsville地区和Hampton Roads地区的销售额较去年同期较慢。