The statewide median sales price reached $430,000, a 3.6% increase from August 2024. Despite sales holding flat, higher price points pushed the total sold dollar volume to $5.1 billion, up 4.4% year-over-year.
In total, there were 24,606 active listings statewide at the end of August, representing a 26.2% surge from last year. Buyers also saw more new listings coming online, with nearly 13,000 properties added to the market during the month.
“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.”
Homes are also taking longer to sell. The median days on market reached 17 days, five days longer than in August 2022, marking the slowest August pace since 2019. Pending sales, however, showed modest momentum, rising 3.4% year-over-year.
Mortgage rates remain elevated, though they have trended modestly downward. The average 30-year fixed mortgage rate dropped to 6.26% in mid-September, the lowest in nearly a year. “The recent drop in mortgage rates is a positive sign for both buyers and sellers,” says Virginia REALTORS® 2025 President Lorraine Arora. “If that trend continues, we could see stronger sales to close out what has been a muted year so far.”
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.
