Home sales across the Old Dominion rose 14.1 percent year-over-year – the highest such increase in three years – with prices up 6.5 percent and more inventory on the market for prospective purchasers to choose from.
A total of 9,416 properties went to closing in April, according to figures reported May 21 by the Virginia Realtors trade group.
The areas with the strongest growth in activity in April were the Shenandoah Valley, Roanoke Valley and Winchester region, the trade group said.
The increase from 8,252 sales a year before marks a reversal from March, which showed year-over-year declines, and suggests that the market is beginning to pick up steam despite concerns about affordability.
(Sales were up, but they continued to trail April 2022 at 11,991 transactions and April 2021 at 13,571 transactions.)
The median statewide sales price of $416,548 in April was up 6.5 percent from a year before. The sharpest price gains in April occurred in Southwest Virginia, parts of Central Virginia and Northern Virginia suburbs, specifically Loudoun and Prince William counties.
“Even though listings and sales have had a large increase, there is still pent-up demand which is putting pressure on home prices,” the organization’s chief economist, Ryan Price, said in parsing the April data.
Statewide, the number of listings coming to market in April was up 19 percent from a year earlier, the biggest bump up in nearly three years. There were 16,047 total active listings on the market at the end of April, up 18 percent. That’s seen as good news for buyers even in a higher mortgage-rate environment.
“Mortgage rates have been trending down a little in May but are still higher than when 2024 began,” said Virginia Realtors’ CEO Terrie Suit. “Though rates have continued to hover above the 7 percent mark for a 30-year fixed, there are some signs consumers are adjusting to the higher interest rates.”
Affordability remains a key concern in markets around the commonwealth even with the influx of new listings, the organization said.
“Rising prices are likely to continue as demand for housing is stronger than the increase in supply of listings,” Price said.
Total sales volume for the Virginia market in April was $4.94 billion, up 22.8 percent from a year before.
