Skip to content

Va. home prices back in positive territory year-over-year

Median prices up in six areas of commonwealth, down in two; sales down everywhere
home-sale-24

Reversing a one-month decline, the median year-over-year home price across Virginia rose – if narrowly - in April, as the market continues to be propped up by tight inventory.

The median sales price in April stood at $391,000, up $1,000 (0.3%) from a year before, according to figures reported by the Virginia Realtors trade group.

That compared to a March median sales price of $370,000, down 1.3 percent from a year previously and breaking a long line of increases.

“The pipeline of buyers continues to be large,” said Virginia Realtors’ chief economist, Ryan Price, who added that many homeowners are sitting happily on low-interest-rate mortgages and have little inclination to get out of them.

“This is keeping the already tight inventory conditions even tighter,” Price said.

Total sales across the commonwealth in April stood at 8,252, down from 11,991 a year before and well below the 13,571 reported in April 2021.

“This is the slowest April market the state has had in more than a decade,” Price said, noting that one normal seasonal trend (higher sales activity in April than in March) did not transpire this year.

From a regional perspective, the sharpest market slowdown during the month could be found in southwest Virginia, parts of the Shenandoah Valley, the Fredericksburg area and portions of Northern Virginia.

Median sales prices were up in six of the eight geographic areas of the commonwealth, with eastern Virginia and southwest Virginia seeing declines. In Northern Virginia, the median sales price of $609,088 inched up from $605,000 a year before.

Total sales volume for April was $4 billion, down from $5.8 billion a year before.

Figures represent most, but not all, homes on the market. All April 2023 figures are preliminary and are subject to revision.