Virginia Real Estate Market: Forecasts + Trends

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By Clever Real Estate Updated February 20, 2023

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Virginia real estate trends

Real estate trends in Virginia | Sellers | Buyers | Investors | The best and worst of Virginia | Virginia resources

Nicknamed Old Dominion, Virginia is a commonwealth that dates back to America's days as a collection of English colonies. The state is known for its role in early American history, concentration of federal agencies, and burgeoning wine industry.

Virginia's landscape rises from the banks of the Chesapeake Bay in the east to the rolling Appalachian Mountains in the west.

Its biggest cities include Virginia Beach and Norfolk, but further inland you'll find lively college towns such as Richmond, Charlottesville, and Fredericksburg. Northern Virginia is a popular choice for commuters who can take public transportation directly into Washington, D.C.

If you're thinking of buying or selling in Virginia, these Virginia housing predictions and stats can help you make an informed decision.

Want to save money when you buy or sell your home? With Clever, you'll only pay 1.5% or $3K in listing fees. Eligible buyers get cash back after closing. Find out how much you can save with Clever today!

Selling a home in Virginia

Virginia real estate market forecast for sellers
⏰ Homes are selling 18 days slower than the annual average 💰 Homes are selling for $22,200 less than the annual average
💸 Average listing commission: 2.72% 💸 Average buyer's commission: 2.73%
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How to sell a home in Virginia

Cost to sell a home in Virginia

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Buying a home in Virginia

How much home you can buy with $300,000 in...
🏠 Virginia Beach: 1,478 sq ft 🏡 Roanoke: 1,667 sq ft
🏡 Richmond: 1,370 sq ft 🏠 Lynchburg: 1,613 sq ft
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Investing in Virginia real estate

Best of Virginia

Each month, we compare locations in Virginia based on different criteria. This month, we're looking at levels of happiness and ranking the best counties in the state.

Happiest Counties in Virginia
1. Fairfax County
2. Arlington County
3. Craig County
4. Loudoun County
5. Prince William County
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Worst of Virginia

Each month, we compare locations in Virginia based on a different criteria. This month we're looking at levels of happiness data. These are the counties that ranked the worst in the state.

Least Happy Counties in Virginia
1. Brunswick County
2. Russell County
3. Dickenson County
4. Buchanan County
5. Lee County
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Virginia resources

👋 Next Steps: Talk to an expert

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Our fully licensed concierge team can answer your questions and provide objective advice on getting the best outcome with your sale or purchase.

When you enter your info below, we'll ask you a few questions about your situation via a short form. Then our concierge team will be in touch shortly to help.

This service is free, and there’s never any obligation to move forward with us.

Frequently asked questions about Virginia real estate

Is it a buyer's or seller's market in Virginia?

It is currently a seller’s market in Virginia, with homes selling fast and for much more than average. Although this is the overall status of the market, each city and town is different, which is why it’s important to consult with an experienced real estate agent to understand your local trends.

Is Virginia a good state to invest in real estate?

Yes, Virginia is a good state to invest in real estate, particularly in populous areas like Virginia Beach and Richmond. But if you want to make the most out of your investment, first need to find out what types of properties are profitable and which neighborhoods to buy in. Read our guide to real estate investing to learn more.

Is it a good time to buy a house in Virginia?

It might not be the best time to buy a house in Virginia right now. Listing prices are abnormally high, and the limited inventory is causing prices to spike even higher. However, mortgage rates are lower than average. If you really need to buy, work with a real estate agent to help you find a good deal.

Methodology

Clever's analysis of state market trends is based on local data from Zillow, realtor.com, Redfin, Bankrate, the U.S. Census, and Clever surveys. Our team of over 20 real estate analysts from across the country research local markets and data to compile our "Best" and "Worst" rankings.

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