BTVAR Homes Sales Report – Q1 2025

Economic Conditions

• Virginia’s job market has contracted for two straight months. There were approximately 1,000 fewer jobs statewide in February compared to January.

• The unemployment rate in Virginia rose to 3.3% in February (not seasonally adjusted). A year ago it was 2.9%. In the BTVAR footprint, the unemployment rate was 4.2% in February, which is up from 3.7% last year.

• The average rate for a 30-year fixed mortgage was 6.81% in the last week of April 2025. At this time last year the average rate was 7.17%.

Housing Market Conditions

• Sales activity moderated in the BTVAR region. There were 132 closed sales in the area during the first quarter of 2025, 27 fewer sales than this time last year, reflecting a 17% slowdown.

• Home prices dropped in some local markets and rose in others. The regionwide median sales price in the BTVAR footprint was $165,000 in the first quarter. This is $8,000 lower than it was a year ago (-5%).

• The supply of active listings expanded in the region. At the end of the first quarter there were 259 active listings on the market in the BTVAR footprint, 81 more listings than a year ago.