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Sarah Mitchell
Compass Real Estate · Virginia
“Your trusted relocation specialist since 2009. 350+ homes sold. Zero-pressure, data-first approach.”
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Virginia housing market
Virginia housing market summary
The typical home in Virginia is worth $414,662, up 2.2% over the past year. Homes that actually closed went for a median of $499,300 after 28 days on market. On supply, pricing discipline, and speed of sale, Virginia currently reads as a seller's market at 2.3 months of supply. At today's 7.03% 30-year fixed rate, that typical home costs $2,214 a month in principal and interest with 20.0% down.
Sources: Zillow, August 2026 · Refreshes monthly · Redfin, through May 2026 · Freddie Mac via FRED, September 2026
Virginia housing market at a glance
Every tile carries the provider and the month it was published
Typical home value
$414,662
+2.2% YoY · Zillow, August 2026
Median sale price
$499,300
Redfin, through May 2026
Typical asking rent
$2,049/mo
Median of 73 cities · Zillow, August 2026
30-yr fixed rate
7.03%
Freddie Mac via FRED, September 2026
Monthly P&I
$2,214
20.0% down, 30-yr fixed
Days on market
28
+1 days YoY
Active listings
25,054
-1.4% YoY
Median household income
$90,974
U.S. Census ACS, 2023
Typical home value is Zillow's ZHVI — the value of a typical home across the whole housing stock, not just the homes that sold. Median sale price is what actually closed. Redfin stopped publishing public market trackers in June 2026; latest available period is May 2026.
Where Virginia home prices are heading
Virginia's typical home value is $414,662, up 2.2% over 12 months. The two-year number matters more than the one-year number: it spans a full rate cycle rather than a single seasonal swing. Values are at or within a rounding error of their two-year high.
Against the national picture, Virginia runs 12.5% above the U.S. typical home value of $368,697, and its 12-month move of +2.2% is outpacing the national pace of +1.2%.
What would have to change for Virginia prices to fall. Prices fall when supply outruns demand for long enough that sellers compete on price rather than waiting. Virginia is carrying 2.3 months of supply — below the four-month line, so inventory would have to roughly double before sellers lose pricing power. Active listings are -1.4% year over year and new listings -5.3%, which is close to flat. The other lever is the rate. At 7.03%, existing owners with cheaper mortgages have little reason to list, which is what has kept supply artificially low across most of the country. A sustained move down in rates unlocks those sellers and adds inventory; it also adds buyers. Which side moves first decides the direction.
Market trends
Statewide monthly series · Redfin, through May 2026 · No longer updating · Redfin stopped publishing public market trackers in June 2026; latest available period is May 2026.
What it costs to buy in Virginia at today's rate
Down payment
$82,932
20.0% of value
Loan amount
$331,730
30-yr fixed
Monthly P&I
$2,214
at 7.03%
Income needed
$94,886
28.0% front-end ratio
A buyer purchasing the typical Virginia home at $414,662 puts $82,932 down, finances $331,730, and pays $2,214 a month in principal and interest. Property taxes, homeowners insurance, HOA dues, and mortgage insurance sit on top of that and vary by county — budget for them separately rather than assuming the P&I figure is the payment.
Lenders typically want principal and interest under 28.0% of gross income, which puts the qualifying income for that purchase at roughly $94,886. Virginia's median household earns $90,974 (Census ACS 2023) — a gap of $3,912 above what the median household brings in. Put differently, the median household would spend 29.2% of gross income on principal and interest alone — above the ratio most lenders underwrite to, which is why buyers here typically need a larger down payment, a co-borrower, or a cheaper city than the statewide typical home.
The value-to-income ratio in Virginia is 4.6x. Between roughly 3.5x and 5x, prices are ahead of local earnings but still within reach for higher-earning households. Model your own numbers in the affordability calculator or the mortgage calculator.
Figures are illustrative, not a quote or a pre-approval. Rate: Freddie Mac via FRED, September 2026 · Value: Zillow, August 2026 · Income: U.S. Census ACS, 2023
Buying in Virginia in the next 12 months?
Tell us your timeline. We send the Virginia market brief: the price ranges that are actually clearing, the cities where your budget goes furthest, and what to fix on your credit before you apply.
Rent or buy in Virginia?
Zillow publishes its rent index per city rather than per state, so the honest statewide read is the median across the 73 largest Virginia cities that carry it: $2,049 a month. Set against a typical home value of $414,662, that is a price-to-rent ratio of 16.9x.
Between 15x and 20x the two options are close enough that the tiebreaker is how long you stay, not the ratio itself. Principal and interest on the typical home runs $165 more per month than that typical rent — and that is before taxes, insurance, and the roughly 1% of value a year most owners spend on maintenance.
For a second read on the same question, the Census ACS puts median gross rent across all Virginia households — every unit type, not just what is currently listed — at $1,514 a month (2023), with 67.2% of Virginia households owning rather than renting. Asking rents lead the ACS figure because they reflect today's new leases rather than the whole stock of existing ones.
Run the rent-vs-buy calculator with your own holding period and down payment — the statewide ratio is a starting point, not an answer.
Supply: what is on the market in Virginia
| Measure | Latest | Year earlier | Change |
|---|---|---|---|
| Active listings | 25,054 | 25,418 | -1.4% |
| New listings | 14,144 | 14,934 | -5.3% |
| Homes sold | 11,030 | 11,350 | -2.8% |
| Months of supply | 2.3 | 2.2 | +0.1 |
| Sale-to-list ratio | 100.1% | 100.0% | Above asking |
What these mean. Active listings is the shelf — everything a buyer could tour today. New listings is restock rate; when it falls faster than sales, the shelf empties. Months of supply is active inventory divided by homes sold per month: at the current sales pace, how many months it would take to sell every home currently listed. Under 4 months of supply tilts toward sellers, 4 to 5 months is the neutral band, and above 5 months tilts toward buyers — above 7 months is a glut. These are the same thresholds the market verdict on every city and ZIP page is scored against. Sale-to-list ratio is the discipline check — above 100% means homes are clearing over asking on average, below means sellers are conceding.
Redfin, through May 2026 · No longer updating — Redfin stopped publishing public market trackers in June 2026; latest available period is May 2026. Zillow's inventory and new-listing counts are published per city and appear on the individual city pages.
Where Virginia home values are moving fastest
12-month change in typical home value · Zillow, August 2026
Rising fastest
- 1.Stuarts Draft+5.7%
- 2.Smithfield+4.1%
- 3.Radford+3.8%
- 4.Staunton+3.7%
- 5.Harrisonburg+2.8%
- 6.Fishersville+2.8%
- 7.Chesapeake+2.6%
- 8.Salem+2.6%
Falling
- 1.Martinsville-3.0%
- 2.Dunn Loring-2.9%
- 3.Herndon-2.2%
- 4.Lincolnia-2.1%
- 5.Burke-2.1%
- 6.Chantilly-2.0%
- 7.Bristol-2.0%
- 8.Arlington-1.9%
Computed from Zillow's typical home value for each city at August 2026 against the same month a year earlier, across the 150 largest Virginia cities by population. Small markets swing hardest because a handful of transactions moves the index — read the city page before treating a large move as a trend.
The most and least expensive cities in Virginia
Typical home value across the 150 largest cities · Zillow, August 2026
Most expensive
- 1.Great Falls$1.69M
- 2.McLean$1.46M
- 3.Dunn Loring$1.21M
- 4.Vienna$1.17M
- 5.Oakton$1.10M
- 6.Fort Hunt$1.00M
- 7.Purcellville$905,665
- 8.Leesburg$851,239
- 9.Arlington$806,571
- 10.Chantilly$802,511
Most affordable
- 1.Martinsville$131,885
- 2.Danville$156,316
- 3.Pulaski$175,451
- 4.Bristol$202,748
- 5.Hopewell$235,011
- 6.Madison Heights$248,188
- 7.Franklin$250,246
- 8.Petersburg$251,305
- 9.Montrose$259,699
- 10.Highland Springs$260,799
The spread between Great Falls and Martinsville is 12.8x — one reason a single statewide number is close to useless for a buyer with a fixed budget. Pick the city first, then the price band. Speed is a separate axis from price: George Mason was the quickest of these markets to clear at 3 days on market (Redfin, through May 2026).
How Virginia compares
| Market | Typical value | 12-mo change | Median income | Value / income |
|---|---|---|---|---|
| Virginia | $414,662 | +2.2% | $90,974 | 4.6x |
| United States | $368,697 | +1.2% | — | — |
| North Carolina | $334,773 | -0.0% | $69,904 | 4.8x |
| Maryland | $428,308 | +0.0% | $101,652 | 4.2x |
| Tennessee | $334,108 | +0.7% | $67,097 | 5.0x |
The three states above are Virginia's nearest land neighbours — the markets buyers most often price against when a move is still negotiable. North Carolina and Tennessee carry lower typical home value than Virginia, which is what makes them the usual destination for equity-funded moves out of Virginia.
Values and 12-month changes: Zillow, August 2026 · Refreshes monthly. Income: U.S. Census ACS, 2023. ACS publishes household income per state, not for the nation on the same basis, so the U.S. row shows home value only.
Virginia housing markets by city
472 cities tracked — the 60 largest by population shown
Virginia Beach
$427,730
Chesapeake
$425,375
Arlington
$806,571
Norfolk
$312,422
Richmond
$364,726
Newport News
$294,403
Alexandria
$666,031
Hampton
$282,439
Roanoke
$279,227
Portsmouth
$268,436
Suffolk
$389,533
Lynchburg
$266,065
Dale City
Pop. 73K
Centreville
$618,763
Reston
$624,958
Harrisonburg
$354,251
McLean
$1.46M
Leesburg
$851,239
Tuckahoe
Pop. 49K
Charlottesville
$515,056
Ashburn
$798,580
Blacksburg
$416,520
Lake Ridge
Pop. 45K
Woodbridge
$498,767
Burke
$722,753
Manassas
$550,432
Danville
$156,316
Linton Hall
Pop. 42K
Annandale
$748,628
Mechanicsville
$444,037
Oakton
$1.10M
Fair Oaks
Pop. 35K
South Riding
Pop. 34K
Petersburg
$251,305
Sterling
$631,360
Springfield
$699,510
West Falls Church
Pop. 31K
Fredericksburg
$480,070
Short Pump
Pop. 28K
Tysons
Pop. 28K
Winchester
$400,684
Cave Spring
Pop. 26K
Staunton
$316,193
Salem
$310,395
Bailey's Crossroads
Pop. 25K
Herndon
$725,534
Fairfax
$779,698
Brambleton
Pop. 24K
Chantilly
$802,511
Chester
$393,304
Cherry Hill
Pop. 23K
Hopewell
$235,011
West Springfield
Pop. 23K
Leesylvania
Pop. 23K
Christiansburg
$305,502
Waynesboro
$317,127
McNair
Pop. 22K
Montclair
Pop. 22K
Lorton
$649,706
Merrifield
Pop. 21K
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What to do next in Virginia
If you are buying
- Set the payment before the price. Start from what you can carry monthly, then work backwards with the affordability calculator — the typical Virginia home is $2,214/mo in P&I today.
- Pick the city, not the state. Values across Virginia run from $131,885 in Martinsville to $1.69M in Great Falls.
- Put two finalists head to head in the city comparison tool before you tour anything.
- Fix the credit file before you shop the rate. A better score moves the payment more than haggling over price does at 7.03%.
If you are selling
- Price against your city, not the statewide figure — the spread between Virginia markets is wider than the year-over-year move in any of them.
- Read the supply table above. At 2.3 months of supply, you still set the terms — but only if the home is priced to the comps on day one.
- Watch days on market in your city, not the state. The statewide median was 28 days (Redfin, through May 2026); your city page carries its own.
- Time the listing against new-listing volume. New listings are -5.3% year over year — less competition than a year ago.
Virginia housing market questions
What is the typical home value in Virginia?
The typical home value in Virginia is $414,662 (Zillow, August 2026). That is a +2.2% change over the past 12 months. The median price of homes that actually sold was $499,300 (Redfin, through May 2026); sale prices skew toward whatever segment is transacting, which is why they differ from the typical-value figure.
Are Virginia home prices going up or down?
Virginia home values are up 2.2% year over year (Zillow, August 2026). Values are at or near their highest reading in the past two years.
How much income do you need to buy a home in Virginia?
At the current 30-year fixed rate of 7.03%, a $414,662 home with 20.0% down carries roughly $2,214 a month in principal and interest. Using the 28% front-end ratio most lenders underwrite to, that implies a household income of about $94,886 before taxes, insurance, HOA dues, or mortgage insurance are added. Virginia's median household income is $90,974 (Census ACS, 2023), a gap of $3,912 above the median household. These figures are illustrative, not a quote or a pre-approval.
Is it cheaper to rent or buy in Virginia?
Typical asking rent across the largest Virginia cities Zillow publishes rent data for is $2,049 a month (median of 73 cities, Zillow, August 2026). Against a typical home value of $414,662, that is a price-to-rent ratio of 16.9x. Ratios under about 15x generally favour buying if you plan to stay put; above about 20x, renting and investing the difference tends to win over short horizons. Principal and interest alone runs $165 more than that typical rent each month, before taxes, insurance, and maintenance.
Which Virginia cities are the most affordable?
Among the largest cities we track in Virginia, the lowest typical home values are in Martinsville ($131,885), Danville ($156,316), Pulaski ($175,451), Bristol ($202,748), Hopewell ($235,011). Values are Zillow's typical-home-value index for August 2026.
Which Virginia cities are the most expensive?
The highest typical home values among the largest Virginia cities are in Great Falls ($1.69M), McLean ($1.46M), Dunn Loring ($1.21M), Vienna ($1.17M), Oakton ($1.10M). Price per square foot, inventory, and days on market for each are on the individual city pages.
Which Virginia cities are appreciating the fastest?
Over the past 12 months the largest home-value gains among Virginia cities we track were in Stuarts Draft (+5.7%), Smithfield (+4.1%), Radford (+3.8%), Staunton (+3.7%), Harrisonburg (+2.8%). Fast appreciation usually reflects constrained supply, in-migration, or a small transaction base — check the individual city page before reading it as a trend.
How long do homes take to sell in Virginia?
Homes in Virginia spent a median of 28 days on market in the last month Redfin published (Redfin, through May 2026). That is 1 days slower than the same month a year earlier. The quickest market among the state's largest cities was George Mason at 3 days. Redfin stopped publishing public market trackers in June 2026; latest available period is May 2026.
How does Virginia compare to neighboring states?
Virginia's typical home value of $414,662 compares with North Carolina at $334,773, Maryland at $428,308, Tennessee at $334,108. The U.S. typical home value is $368,697, putting Virginia 12.5% above the national figure. North Carolina and Tennessee are cheaper on a typical-value basis.
Is now a good time to buy in Virginia?
That depends on your timeline, not the headline. The measurable inputs today: a 30-year fixed rate of 7.03%, 2.3 months of supply statewide (Redfin, through May 2026), active listings -1.4% year over year, and home values +2.2% over the past year. Buyers with a five-year-plus horizon are mostly exposed to the payment, not the price, so the rate you can qualify for matters more than the month you buy. Properties Incorporated is an independent data platform, not a brokerage or lender — this is information, not advice.
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How we built these numbers
Neighboring state markets
- North Carolina housing market — $334,773 typical value
- Maryland housing market — $428,308 typical value
- Tennessee housing market — $334,108 typical value
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