RICHMOND, Va. (WDBJ) – The housing market in Virginia held steady as home sales remain stagnant from last year despite increased prices and an inventory increase, according to a sales report for August released by Virginia REALTORS®.

Throughout the state, median sales price for a home in August reached $430,000, a 3.6% increase from the year before. Flat sales and higher price points pushed the sold dollar volume to $5.1 billion, up 4.4% year-over-year, according to the organization.

According to the organization, there were 24,606 active listings across the state by the end of August, a 26.2% rise from 2024. 13,000 new properties were listed in the month alone.

“Inventory growth has been one of the big stories of 2025,” says Virginia REALTORS® Chief Economist Ryan Price.

“With listings up more than 26% from last year, buyers across the commonwealth are seeing more options than they’ve had in a long time. While supply is improving, demand continues to be tempered by economic uncertainty.”

The organization mentions that properties are taking longer to sell, staying on the market for a median 17 days (five days longer than 2024). Since 2019, it has been the slowest pace in the month of August. Pending sales, however it showed a decent increase of 3.4% year-over-year.

Despite a downward trend for mortgage rates, there was a slight increase in the rate. The average 30-year fixed mortgage rate dropped just past 6.25% in the middle of September.

The president of the organization, Lorraine Arora, describes the drop in mortgage rates as a “positive sign” for buyers and sellers and if the trend continues, stronger sales could close out 2025.

About Virginia REALTORS®

Virginia REALTORS® (previously known as the Virginia Association of REALTORS®) is the largest trade association in Virginia, representing nearly 34,000 REALTORS® engaged in the residential and commercial real estate business. Virginia REALTORS® serves as an advocate for homeownership and represents the interests of property owners in the Commonwealth of Virginia. For more information, visit www.virginiarealtors.org or follow Virginia REALTORS® on Facebook and LinkedIn.

NOTE: The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics.

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