A slew of new listings in Virginia helped to boost the state’s home sales in February, according to new data from Virginia Realtors.
Last month saw 1,400 more new listings compared to one year earlier, a 16.7% upswing. This resulted in 16,004 homes on the market, a nearly 10% year-over-year increase. As a result, 6,733 homes were sold statewide in February, up 3.5% from one year earlier.
“This is the largest influx of new listings we’ve seen since the summer of 2021,” says Virginia Realtors Chief Economist Ryan Price, who noted nearly two-thirds of the state’s cities and counties had more listings compared to the previous year. “This increase is a welcome signal to buyers, but inventory levels are still tight, and market conditions remain very competitive in most parts of Virginia,” says Price.
Also on the rise last month were home prices. The statewide median sales price reached $384,576 in February, up by more than $14,500 – or nearly 4% – from the same time last year.
