Virginia home sales rise 3% as buyers enter market amid lower mortgage rates

RICHMOND, Va. (WRIC) -- Virginia home sales are up by more than 3% as more buyers enter the housing market amid lower mortgage rates and more homes, according to the October 2025 Virginia Home Sales Report.

Virginia Realtors released the October 2025 Virginia Home Sales Report, sharing that there were 9,006 closed sales across the Commonwealth, 274 more sales than last year -- a 3.1% increase.

With mortgage rates staying in the lower 6% range for a couple of months, it has increased buyer activity. The activity is expected to continue over the next few months, per Virginia Realtors.

“Virginia’s housing market is showing strong momentum as we continue into the fall,” said Virginia Realtors 2025 President Lorraine Arora. “With more homes coming onto the market and sales continuing to grow, Virginians are finding more opportunities to buy and sell in communities across the Commonwealth.”

In addition to home sales, Virginia Realtors found that there were 5,154 more active listings than last year, which saw 25,194 active listings on the market. This marks a 25.7% surge in inventory levels.

Meanwhile, home prices also increased in almost six out of 10 local Virginia markets, going up $15,000 since last year, increasing by 3.6%.

“Mortgage rates remaining in the low 6% range have encouraged potential buyers and allowed for renewed motivation among some sellers,” said Virginia Realtors Chief Economist Ryan Price. “While the recent government shutdown has restricted insight into some economic trends, rising prices and a cooling labor market continue to pose challenges.”

However, per the report, economic uncertainty and a cooling labor market "pose[s] a risk to consumer sentiment," ultimately negatively impacting Virginians' large purchase choices, particularly buying a home.

For the full October 2024 Virginia Home Sales Report, click here.