After Sluggish Year, Virginia’s Housing Market Ends on High Note | Williamsburg Yorktown Daily

RICHMOND — The Fall 2024 housing market continues to outpace last year’s according to the November 2024 Virginia Home Sales Report released by Virginia REALTORS.

Closed sales rose sharply as did pending sales in November, according to the largest trade association in Virginia. Home prices are still climbing in most areas of the state, and the supply of active listings continues to expand.

Virginia’s housing market saw a large surge in closed sales last month, with 7,853 homes sold statewide in November — 905 more sales than a year ago, a 13% increase.

“For two months in a row now, Virginia has seen double-digit growth in closed sales,” says Virginia REALTORS Chief Economist Ryan Price.

Pending sales remain above last year’s pace, the trrade association said. There were 6,863 pending sales statewide in November — an influx of 905 new contracts compared to this time last year, a 15.2% jump.

“This marks a strong ending to what has been an otherwise sluggish 2024 housing market for the commonwealth,” says Price.

Statewide, it added, there were 9,031 new listings in November — 845 more than the same time last year, reflecting a 10.3% increase.

“Growth in new listings has been consistently stronger than last year as more sellers are choosing to enter the market,” explained Virginia REALTORS 2025 President Lorraine Arora. “While our inventory of listings has expanded, it’s important to remember we’re looking at an inventory that is still about 40% smaller than it was this time five years ago.”

In total, Virginia REALTORS said at the end of November, there were 18,870 active listings on the market throughout Virginia, an increase of more than 12% over the previous year.

Price growth remains strong in most areas of the commonwealth, the trade association said. The median sales price in Virginia was $415,000 in November, jumping up $30,000 from November 2023, and unchanged from the previous month. About three-quarters of all local markets — 76% — had median price growth in November.

With home prices continuing their upward march and mortgage rates showing little sign of retreating, affordability remains a key concern in Virginia, the association cautioned.

The Virginia Home Sales Report is published by Virginia REALTORS. Click here to view the full November 2024 Virginia Home Sales Report.