T
he Virginia real estate market experienced a surge in June, with home sales rising 8% and prices increasing by 3.4%. This uptick is welcome news for those who can afford to buy homes, but it's a different story for the nearly 30% of Virginians considered housing-burdened.

    According to the Virginia Home Sales Report, released by Virginia REALTORS®, 10,775 homes sold across the state last month, an 8% increase from June 2024. Meanwhile, active listings on the market jumped 29.5%, with 23,755 properties available at the end of June.

    However, a study by Up for Growth highlights a stark contrast: Virginia faces an estimated housing shortage of around 105,000 homes. To address this issue, more affordable housing options are needed, rather than simply relying on increased inventory levels.

    Virginia REALTORS' President Lorraine Arora noted that the higher inventory will provide relief to buyers who can afford homes with median sales prices reaching $446,144 in June, a 3.4% increase from last year.