What You Need to Know About Buying a Home in Virginia

Buying a house is an exciting process, whether you're looking for a starter home or a larger property. If you're looking for homes for sale in Virginia, here are some things you need to know.

Homes for Sale in Virginia

Most people who look for Virginia homes for sale either already live in Virginia or plan to move there. They may already be homeowners, or they may be renters looking forward to buying starter homes. Whatever the situation, understanding real estate and the homebuying process in Virginia is important.

Things You Should Know About Virginia Real Estate

There are a few things people should be aware of when they're looking for real estate in Virginia, including:

Location
Property costs
The overall cost of living
The average price of homes for sale in Virginia

Is Virginia a Good State to Buy a House In?

According to the U.S. Census, there were over 3,000,000 housing units in Virginia in 2023. Of those, 66.9% were owner-occupied. Across Virginia, home appreciation rates are generally on par with the national average. Virginia has lower rates of violent and property crime compared to the national average. Over 90% of the state's adult population complete high school and 41% have bachelor's degrees. Both the per capita income and median household income are higher than the national average.

Is Virginia Expensive to Live in?

On average, the cost of living in Virginia is about $48,000. Housing costs and the cost of living tend to be above average, but taxes are low. Food and gas prices are also low, while healthcare costs are higher than they are in most other states. Virginia is ranked 37th in cost of living and affordability. Location plays a major part in Virginia residents' living expenses. In recent years, Virginia has ranked as one of the most affordable places to buy. In 2022, it was the sixth cheapest state in which to buy a home. Only Texas, Ohio, Oklahoma, Illinois, and Tennessee were more affordable.

Where Should I Buy a Home in Virginia?

Real estate for sale in Virginia may be located in urban, suburban, or rural areas. Virginia has a small coastline, consisting of the Eastern Shore and the Chesapeake Bay, but the majority of the state is located inland. Both of these things affect property values. Homes in urban areas are more expensive and tend to be smaller than rural homes, but are located closer to jobs, services, and industries. You should buy a home that enables you to access the things you need and doesn't exceed your budget.

Things You Should Know About Virginia Homes for Sale

Once you develop an understanding of Virginia real estate, you can begin looking for a home to purchase. Here are some things you should be aware of during your search.

What Is the Average Price for a Home in Virginia?

In 2023, the average price for homes for sale in Virginia was a little over $360,000. However, costs can vary greatly depending on a property's location within the state. In Virginia Beach, the average price in 2023 was over $370,000. By contrast, the average price in Norfolk was only about $277,000. The state's median value for owner-occupied properties is $339,800 and the median monthly owner cost with a mortgage is about $2,000. Without a mortgage, the median monthly owner cost is $546.

Are Home Prices Dropping in Virginia?

According to Virginia Business, the state's real estate market is growing relatively slowly. By January 2024, home sales had only increased by 1% compared to the same month in 2023. Homes continue to go on the market, but they stay on the market for longer periods. According to CBS News, residential real estate prices increased by 7.3% between 2022 and 2023. The trend of increasing prices may be a result of the real estate market's slow growth and a relative lack of new homes for sale in Virginia.

Mortgage rates have also increased over time, which may be a factor in the housing market's slowdown. Potential sellers and buyers may be monitoring interest rates and waiting for mortgage rates to go back down before they make any transactions.

What Is the Real Estate Purchasing Process Like in Virginia?

Across the United States, many real estate buying and selling processes are standardized. However, some procedures may be unique to a state or local jurisdiction. Wherever you choose to buy in the United States, you should:

Prepare a down payment
Connect with a real estate agent
Get someone to inspect the property
Finalize the sale

Homes for sale in Virginia have some additional requirements for potential buyers. Seller disclosure requirements in Virginia are relatively limited compared to other states. In Virginia, sellers must inform potential buyers that checking the property's condition is the buyer's responsibility. Other states may require the owner to list the property's condition and any defects for the buyer. Seller disclosure requirements in Virginia also include:

Whether there are any pending zoning ordinance violations
Whether the property has a septic system
Whether the property is located near a military air installation

Local real estate purchasing requirements may be unique to a town or city, or they may be standardized across a region. In Alexandria, Virginia, for example, most real estate assessment procedures and requirements match those of other northern Virginia jurisdictions. When you look at active listings in Virginia, check for any policies or procedures unique to the area where you want to buy. You can talk to your real estate agent for advice and to make sure you follow the appropriate home buying and selling guidelines.

Some requirements are unique to a property. For example, wells must be inspected in Virginia and you may need to request a copy of the well record. However, not every residential property in Virginia has a well, so most people don't need to consider this.

Find Homes for Sale in Virginia Now

At Nestfully, we can help you find homes for sale in Virginia that suit your needs. Check out our website or connect with an agent to get started today.