PORTSMOUTH, Va. (WAVY) — A report from Virginia Realtors shows steady home sales across the board, with no changes from the previous year, as current median home sales across the state have hit $430,000.
2025 Va. real estate market trails last year’s historic lows
Despite sales holding flat, the Virginia Association of Realtors says the steeper rates bolstered the total sold dollar volume to $5.1 billion.
There’s no slowdown of housing inventory statewide, with just over 24,000 active listings close to the start of September, and another 13,000 also hit the market online.
It’s a positive sign, but the continued swell in home prices has presented an abundance of challenges. So is now a good time to buy?
“Yeah, it would be a good time if they can make the numbers work,” said Ryan Price, chief economist for the Virginia Association of Realtors.
At present, the market is experiencing more demand than supply, even though the Price says there are more sellers than previous years.
“We still have a supply demand imbalance in most places in Virginia, including right there in Hampton Roads,” Price said.
Last month, just over 9,400 homes sold statewide.
“Hampton Roads is one of the larger markets,” Price said. “Of course, you guys had about 25% of all of those sales. About 2,300 homes were sold in the region.”
From his expert point of view, Hampton Roads is still very much a desirable place to live for buyers.
“You guys have a lot of good infrastructure and natural resources that people are drawn to a lot of employment opportunities,” he said
Price said current sales activity remains flat due to economic uncertainty in parts of the Commonwealth, particularly in Hampton Roads and northern Virginia, where a large amount of job losses have occurred in certain federal and contracting sectors. He predicts the housing market will remain steady in the state for the remainder of the year.
“The only kind of wild card here is if we see mortgage rates [improve],” he said. “You know, they had been dropping recently. Today, the average picked up just slightly. But if we see mortgage rates improve, we have more inventory out there [and] then we could see sort of a bump to close out 2025, in terms of activity.”
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