Virginia home sales fall 4.6% in August as mortgage rates rise
Virginia home sales declined in August as mortgage rates climbed, according to the newest Virginia Home Sales Report released by the Virginia Association of REALTORS®.
The state recorded 8,985 closed sales during the month, 438 fewer than in August 2025 and a 4.6% decline - the first year-over-year decline in closed sales in nearly a year. Despite the monthly slowdown, sales during the first eight months of 2026 remained 3.6% above the same period last year.
Prices continue to increase. The statewide median sales price reached $449,000, up $19,000, or 4.4%, from August 2025. Homes spent a median of 19 days on the market, compared with 17 days a year earlier.
Available inventory also expanded. Virginia had 28,560 active listings at the end of August, 13.8% more than a year earlier and the largest August inventory since 2019. New listings rose 4.6%.
Pending sales declined for the second consecutive month. The 8,346 pending transactions represented a 3.1% decrease from August 2025.
The report noted that the average rate for a 30-year fixed mortgage had reached 6.95% by Sept. 17, compared with 6.26% a year earlier.
The complete figures and methodology are available in the August 2026 Virginia Home Sales Report.
