"Virginia's housing market reflects both the promise and the pressures of the nation's current economy. The Realtor.com® State-by-State Housing Report Card gave the 10th state in the union a B-, underscoring the state's chronic affordability issues and slow pace of new construction. The report-part of the Let America Build campaign-grades every state on how well it balances housing supply and costs. Virginia's score shows a market weighed down by high land prices, complex permitting, and uneven development across regions."
"In a post on his Truth Social platform in early October, he accused major builders of hoarding lots to prop up prices-likening them to OPEC, which restricts oil output to maintain high prices. "They're my friends ... but now, they can get Financing, and they have to start building Homes. They're sitting on 2 Million empty lots, A RECORD," Trump wrote. He urged Fannie Mae and Freddie Mac to intervene and "get Big Homebuilders going" to "restore the American Dream.""
Virginia's housing market faces chronic affordability challenges and a sluggish pace of new construction, earning a B- grade and a 61.5 score. The state's median listing price reached $434,711 in 2024 while median household income was $89,172. Virginia accounted for 2.3% of national housing permits and 2.6% of the U.S. population, producing a permit-to-population ratio of 0.96. The new-construction premium of 39% places many new homes beyond entry-level buyers' reach. High land prices, complex permitting, and uneven regional development are constraining supply. National pressure is building for builders to accelerate home construction.
Read at SFGATE
Unable to calculate read time
Collection
[
|
...
]