Virginia started 2024 with a total of 8,473 single-family homes on the market, with a median home price of $419,900 and an average price per square foot of $238.58. By the end of the year, inventory had increased to 10,078 homes on the market (+19%), with a median home price of $409,925 (-2%), and an average price per square foot of $248 (+4%).
At the start of 2024, the median days on market (DOM) was 63 days – by the end of the year, median DOM had increased to 70 days.
Virginia started the year with 31.19% 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 34.31% of homes for sale had taken a price cut.
