Virginia ranks 11th nationwide for housing affordability and homebuilding efforts, according to a new Realtor.com report released today (April 24).
The state receives a B-grade in the “Grading the States: Affordability & Homebuilding Report Cards,” which evaluates all 50 states on their ability to tackle housing challenges and meet future supply needs.
The report looks at two main factors: housing affordability and new construction. Virginia performs well in both areas, with a REALTORS® Affordability Score of 0.73 and a median listing price of $434,711.
The state accounts for 2.3% of all construction permits issued in 2024, slightly under its 2.6% share of the national population. Virginia’s median household income of $89,172 helps balance out higher housing costs, contributing to its above-average affordability performance.
While Virginia’s B- grade puts it in the top half of states, it’s behind top performers like South Carolina (A), Iowa (A-), and Texas (A-).
The report points out a regional split, with Southern and Midwestern states generally doing better than their coastal counterparts. Northeastern and Western states, including California, New York, and Massachusetts, get the lowest grades due to high housing costs and slow construction.
