Virginia’s real estate market exhibits a blend of growth and stabilization, with notable regional variations. Here’s an in-depth overview:
🏠 Statewide Market Overview
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Median Sale Price: In April 2025, the median home sale price in Virginia was $472,600, marking a 3.0% increase year-over-year.
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Homes Sold: A total of 9,944 homes were sold in April 2025, a slight 0.33% decrease compared to the previous year.
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Median Days on Market: Homes spent an average of 27 days on the market, up by 6 days from the previous year.
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Inventory Levels: Active listings increased by 19.9% year-over-year, with 33,331 homes for sale in April 2025.
📊 Market Dynamics
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Homes Sold Above List Price: Approximately 40.2% of homes sold above their list price in April 2025, down from 45.0% the previous year.
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Price Reductions: About 27.5% of homes experienced price drops in April 2025, up from 22.0% the previous year.
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Sale-to-List Price Ratio: The sale-to-list price ratio stood at 100.0%, a slight decrease from 100.82% the previous year.
🌆 Regional Highlights
Northern Virginia
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Median Sale Price: In April 2025, the median home price was $779,000, a 3.7% increase year-over-year.
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Inventory Surge: The region experienced a significant increase in inventory, providing buyers with more options.
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Local Variations:
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Falls Church: Home prices increased by 17.4%, with a median price of $1.4 million.
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Ashburn: The median sold price rose from $640,000 to $760,000, a 19% increase.
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Richmond
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Market Recognition: Richmond is forecasted to be one of the top real estate markets in the United States for 2025, as indicated by reports from Zillow and Realtor.com.
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Median Sale Price: As of November 2024, the median sale price for a single-family home in the Richmond metropolitan area was $424,000.
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Affordable Housing Initiatives: The city has been proactive in addressing affordable housing, with efforts to build new units and implement eviction diversion programs.
Harrisonburg
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Median Sale Price: The year-to-date median home price increased by $12,650, reaching $343,600 in 2025, a 3.7% increase from the previous year.
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Market Drivers: The rise in prices is influenced by factors such as steady demand and limited inventory, as well as the city’s appeal and proximity to educational institutions.
🔮 Market Outlook
Virginia’s housing market is expected to continue its gradual growth through the remainder of 2025. The increase in inventory provides buyers with more options, while the moderation in price growth suggests a cooling from the competitive market of previous years. However, affordability remains a concern, especially with mortgage rates stabilizing in the 6.3%–6.6% range.