My daughter didn't say much until she was 2 1/2. She used a lot of jibberish with inflection, but there really wasn't any coherent communication. She knew her ABC's on sight, numbers, etc, but her communication was way delayed. She pointed a lot, would follow directions, and was very vocal, just with no coherency. If you are concerned, I would certainly take him to a speech therapist or contact ChildFind (in VA). Every school system in the area has some equivalent program.
You can wait to see if it gets better, but I TOTALLY understand how frustrating it is to want to communicate with your child (not just their receptive skill, but 2-way communication). Even before we started services with the County Public Schools we saw a speech therapist for several months (at the recommendation of our pediatrician). What was most helpful about getting extra help was the therapist taught us, the parents, how to teach her to talk. My husband and I are both intelligent, with advanced degrees, but nobody had ever taught us there is a better way to talk to a young child (clearly our degrees were not in child development!). Childfind takes a while to qualify for, so I would check your health insurance if it covers speech therapy (mine did).
Like I said, you can wait-it-out, but if there are resources around to help, why not take advantage of them?
Good luck!