RICHMOND, Va. (WAVY) — There was a rise in closed sales activity in October in Virginia’s housing market, according to the October 2024 Virginia Home Sales Report.
The influx of sales was driven by an increase in new contracts in September when mortgage rates were falling into the low 6% range. In October, there were 9,408 closed sales statewide, which marked a 12.5 rise from last year with a 968 difference.
There were 20,042 active listings on the market throughout Virginia at the end of October, 16% more than a year ago.
“Growing inventories of available homes is a widespread trend we are seeing across most of the commonwealth,” said Virginia REALTORS® Chief Economist Ryan Price. “At the end of October, 74% of Virginia’s local markets had more active listings than a year ago, showing the influx of inventory is not just a localized trend.”
Sales prices are still rising in most local housing markets in the commonwealth. The statewide median sales price climbed $25,000 from this time last year with $415,000.
“While inventory conditions are improving, tight supply and pent-up buyer demand are keeping upward pressure on sales prices,” said Virginia REALTORS® 2024 President Tom Campbell.
While still selling relatively quickly, homes are staying on the market a bit longer than last year. The statewide median days on market in October is 15 days–four days slower than last October. Homes were on the market about three weeks (21 days) before selling in the Hampton Roads region.
To view the full October 2024 Virginia Home Sales Report, click here.