BTVAR Homes Sales Report – Q2 2025

Economic Conditions

• Virginia’s job market had modest growth in May. There were approximately 1,200 more jobs statewide in May compared to April.

• The unemployment rate in Virginia rose to 3.5% in May (not seasonally adjusted). A year ago, it was 2.8%. In the BTVAR region, the unemployment rate was 4.3% in May, which is up from 3.6% last year.

• The average rate for a 30-year fixed mortgage was 6.75% in the third week of July 2025. At this time last year, the average rate was 6.77%.

Housing Market Conditions

• Sales activity continues to slow in the BTVAR housing market. There were 174 closed sales in the region during the second quarter. This is 15 fewer sales than a year ago (-8%).

• Home prices rose in the area. The median sales price in the BTVAR footprint during the second quarter was $184,000, climbing about $5,600 from a year ago (+3%).

• Supply continues to build up in the region’s housing market. There were 289 active listings at the end of the second quarter, an influx of 74 listings compared to a year ago.