Sales activity moderated in the region in the first quarter of 2025, according to a report by the Chesapeake Bay & Rivers Association of Realtors.
There were 254 closed sales in the area during the first quarter of 2025, 10 fewer sales than this time last year, reflecting a 4 percent slowdown.
Home prices rose in some local markets and dropped in others. The regionwide median sales price in the Chesapeake Bay & Rivers footprint was $350,000 in the first quarter. This is $11,500 higher than it was a year ago, an increase of about 3 percent.
The supply of active listings continues to grow in the region. At the end of the first quarter, there were 334 active listings on the market in the Chesapeake Bay & Rivers footprint, 17 more listings than a year ago.
Looking at the overall economic conditions, Virginia’s job market contracted for two straight months. There were approximately 1,000 fewer jobs statewide in February, compared to January. Virginia’s unemployment rate rose to ...