Virginia Real Estate Market in 2022: Forecasts + Trends

Clever Real Estate

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Clever Real Estate

June 1st, 2022
Updated June 1st, 2022

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Virginia real estate trends

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

Virginia real estate trends (May 2022)

How is the real estate market in Virginia?
🏠 Average home value: $370,151
📈 0.86% home value increase month over month
💰 Median sale price: $474,800
⏳ 38 days on the market
🔑 Homes on the market: 12,299
📆 0.8 months of housing inventory
🏦 30-year mortgage rate: 5.52000%
💵 Average income: 74222
State of the market: A-
The real estate market in Virginia is quite active, with homes flying off the market within a month of entering it. However, while listing prices continue to climb, inventory is starting to increase as well — which may slow down the state’s current trend in the near future.
*Data last updated May 2022

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% or $3K in listing fees. Eligible buyers get 0.5% 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 11 days faster than the annual average
💰 Homes are selling for $43,730 more than the annual average
💸 Average listing commission: 2.50%
💸 Average buyer's commission: 2.60%

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: 1,613 sq ft
🏡 Roanoke: 1,863 sq ft
🏡 Richmond: 1,515 sq ft
🏠 Lynchburg: 1,775 sq ft

Investing in Virginia real estate

Best of Virginia

Each month, we compare cities in Virginia based on different criteria. This month, we're looking at affordability and ranking the best cities in the state.

Most Affordable Cities in Virginia
1. Martinsville
2. Danville
3. Roanoke
4. Lynchburg
5. Blacksburg-Christiansburg

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Worst of Virginia

Each month, we compare cities in Virginia based on a different criteria. This month we're looking at affordability data. These are the cities that ranked the worst in the state.

Least Affordable Cities in Virginia
1. Virginia Beach-Norfolk-Newport News
2. Charlottesville
3. Harrisonburg
4. Richmond

Virginia resources

👋 Next Steps: Talk to an expert!

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Give us a call at 1-833-2-CLEVER or enter your info below. Our concierge team will be in touch shortly to help.

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Frequently asked questions about Virginia 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.

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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