ab201937 Welcome to the Virginia Tech forum,
There is of course is a waiting lists - and from previous years its probably a little less than 50/50 shot of getting on campus. Those getting on the waitlist quickly of course will have better shot than those who wait to accept admission and don’t put themselves on waitlist until later.
Virginia Tech won’t even have an idea until they find out how many freshman accept their offers (few years ago way more accepted than they expected and they had no extra housing - actually not enough housing).