In Virginia, the price of a home has grown dramatically since the pandemic. But in the past year, buyers have finally gotten some relief.

The median price of a home sold in Virginia during the month of January was $398,000 — essentially flat compared with the same month a year earlier, according to data from Virginia Realtors. In Virginia, the median price of a home shot up 18% between 2022 and 2026. But after big increases in 2024 and 2025, the price finally dipped 0.3% in January 2026.

Plateauing home sales and interest rates close to 6% have led to more people placing their houses for sale and more people choosing to buy.

Locally, the median price of a single-family home in greater Richmond rose 3% in 2025 — the smallest increase in at least 10 years — to $441,000.

These are “all signs of a market offering more options and breathing room than we’ve seen in recent years,” said Ryan Price, an economist with the Virginia Association of Realtors.

There were almost 5,900 homes sold in January throughout the state, an increase of 2% compared with January 2025. Historically, January tends to be a slow month for home sales.

Houses are staying on the market longer, too. In January, the median number of days a house remained for sale was 31, up from 23 a year earlier.

One factor that continues to hurt the number of homes being sold is job growth. The number of people employed in Virginia was essentially flat in 2025, with about 4.26 million jobs, a number that dipped at the end of the year. Most of the job losses occurred in Northern Virginia, following the Trump administration’s decision to cut thousands of federal government jobs in the Washington area. In Virginia, unemployment grew in 2025.

While home prices were generally flat in the Richmond area, they continued to grow in the cities of Virginia Beach, Norfolk and Chesapeake. They fell in Fairfax County, the state’s largest locality.

https://www.pilotonline.com/2026/02/24/virginia-home-prices-finally-plateau/