The Virginia Real Estate Market: 2024 Trends

I want to... 🏠 Sell my home | 🗝️ Buy a home | 🗺️ Find a new place to live in Virginia

💡 Key Virginia housing market facts

Data PointValueRankCompared to National Avg
Typical Home Value $389,502[1]#21 of 50 states6.3% higher
Median Listing Price $430,575[2]#23 of 50 states1.6% lower
Median Sale Price $442,500[3]#17 of 50 states8.5% higher
30 Year Mortgage Rate 7.06%[4]#46 of 50 states1.2% higher
Median Days on Market 38[5]#7 of 50 states23.9% shorter
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🗺️ Buying a house in the Virginia real estate market

Virginia has an affordability score of 5.8, meaning it takes 5.8 years of the median household income ($76,398) to afford Virginia's median home sale price ($442,500). Because of this, we rank Virginia as the 25th most affordable state for buyers based strictly on prices compared to income.

Data PointValueRankCompared to National Avg
Median Sale Price $442,500[6]#17 of 50 states8.5% higher
30 Year Mortgage Rate 7.06%[7]#46 of 50 states1.2% higher
Median Household Income $76,398[8]#10 of 50 states18.4% higher
Affordability Ratio 5.8#25 of 50 states7.3% lower
Buyers Agent Commission 2.73%[9]#29 of 50 states2.1% higher
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Resources for Virginia home buyers

🗺️ Selling a house in the Virginia real estate market

According to our detailed survey of Virginia real estate agents, listing agents (those representing the seller) charge an average commission in Virginia of 2.72%, which is the 10th lowest in the United States. Buyers' agents charge an average commission of 2.73%, which is the 22nd highest in the United States.

Data PointValueRankCompared to National Avg
Median Listing Price $430,575[10]#23 of 50 states1.6% lower
Median Sale Price $442,500[11]#17 of 50 states8.5% higher
Median Days on Market 38[12]#7 of 50 states23.9% shorter
Buyer's Agent Commission 2.73%[13]#29 of 50 states2.1% higher
Listing Agent Commission 2.72%[14]#10 of 50 states4.8% lower
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Resources for Virginia home sellers

Moving to Virginia

According to our recent moving trends survey[15], Virginia is the 16th most desirable state to move to, with 11% of Americans indicating that they would choose to move there if money were no object. Likewise, 8% of survey respondents indicated that they would move to Richmond among a choice of America's largest cities, and 7% indicated that they would move to Virginia Beach.

Here's how Virginia cities rank in a number of our research studies.

StudyBest Virginia cityRank
Best Pizza Cities[16]Richmond33rd best
Best Coffee Cities[17]Richmond30th best
Best LGBTQ Cities[18]Richmond12th best
Best Bike Cities[19]Richmond28th best
Best Commuter Cities[20]Richmond10th best
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Article Sources

[1] Zillow – "Zillow Home Value Index". Updated April 30, 2024.
[2] Realtor.com – "Realtor.com Data Library". Updated March 2024.
[3] Redfin – "Redfin Data Center". Updated March 2024.
[4] Bankrate – "Bankrate". Updated May 2024.
[5] Realtor.com – "Realtor.com Data Library". Updated March 2024.
[6] Redfin – "Redfin Data Center". Updated March 2024.
[7] Bankrate – "Bankrate". Updated May 2024.
[8] US Census – "US Census, 2020 American Community Survey". Updated 2020.
[9] Clever Real Estate – "Clever Real Estate survey of American real estate agents". Updated May 2024.
[10] Realtor.com – "Realtor.com Data Library". Updated March 2024.
[11] Redfin – "Redfin Data Center". Updated March 2024.
[12] Realtor.com – "Realtor.com Data Library". Updated March 2024.
[13] Clever Real Estate – "Clever Real Estate survey of American real estate agents". Updated May 2024.
[14] Clever Real Estate – "Clever Real Estate survey of American real estate agents". Updated May 2024.
[15] Home Bay – "Half of Americans Are Surprised by How Much It Costs to Move". Updated February 26, 2024.
[16] Clever Real Estate – "The 15+ Best Pizza Cities in America". Updated February 12, 2024.
[17] Clever Real Estate – "The Best (and Worst) Coffee Cities in America". Updated January 12, 2024.
[19] Clever Real Estate – "The Most Bike-Friendly Cities in the U.S.". Updated July 17, 2023.
[20] Clever Real Estate – "The Best (and Worst) Cities for Commuters". Updated September 21, 2023.

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