Top Small Teams in Virginia – Ranked By Sides

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2023 Virginia Housing Market Summary

Virginia started 2023 with a total of 8,417 single-family homes on the market, with a median home price of $400,000 and an average price per square foot of $228. By the end of the year, inventory had increased to 8,589 homes on the market (+2%), with a median home price of $409,000 (+2%) and an average price per square foot of $235 (+3%).

At the start of 2023, the median days on market (DOM) was 63 days – by the end of the year, median DOM had remained the same at 63 days.

Virginia started the year with 30% of homes taking a price cut (for reference, 35% is the national average for price reductions in a ‘normal’ year.) By the end of the year, about 33% of Virginia homes for sale had taken a price cut.

Finally, Altos’ proprietary Market Action Index (MAI) shows that Virginia started 2023 as a strong seller’s market, with an MAI score of 49; by the end of the year, the MAI had dropped to 39 – a slight seller’s advantage.

This market summary is powered by Altos Research – click here to run a free report for your area.

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