Jan. housing inventory, prices increase in NoVa, Hampton Roads

Housing sales last month increased year-over-year in Northern Virginia but dropped in Hampton Roads, although inventory and sales prices rose in both regions.

Northern Virginia

Home sales, prices and inventory in Northern Virginia rose year-over-year in January, according to Northern Virginia Association of Realtors data released Tuesday.

Last month, 833 homes sold in Northern Virginia, up 8% from January 2024 — the first time the region has had a year-over-year sales increase in January since 2021.

“The beginning of 2025 has reaffirmed the strength of Northern Virginia’s housing market,” NVAR CEO Ryan McLaughlin said in a statement. “With closed sales up and price growth remaining steady, buyers are actively engaging in the market despite fluctuating economic conditions.”

New pending sales, however, fell 9.7% from January 2024, to 933 units. According to NVAR, that decline indicates some buyers may be adjusting to changing affordability conditions as prices rise.

Inventory in January also showed signs of improvement, according to NVAR. The month’s supply of inventory (MSI) — a measure of how many months there would be homes on the market if no new inventory were added — increased to 0.92, up 25.1% from the same month last year.

There were 1,261 active listings on the Northern Virginia market in January, up 28.5% year-over-year. New listings, though, totaled 995 units, remaining below the five-year average.

Homes spent an average of 31 days on the market last month, a 6.9% increase from January 2024.

The median sold price last month was $685,000, up 5.4% compared with January 2024. In turn, the total sold volume was more than $698 million, up 19.2% year-over-year.

“While rising inventory is a welcome trend, the market remains dynamic,” McLaughlin said in a statement. “With steady price appreciation and strong overall demand, Northern Virginia continues to be an attractive destination for homeownership.”

NVAR reports home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church, and the towns of Vienna, Herndon and Clifton.

Hampton Roads

Housing sales in Hampton Roads dropped year-over-year in January, although inventory increased, according to data released Monday by the Real Estate Information Network (REIN).

Closed home sales in the region totaled 1,389 last month, down 5.51% from the 1,470 closed sales recorded in January 2024 and down from 1,901 in December 2024.

There were 1,748 pending sales in January, down from 1,765 in the same month last year but up from 1,662 in December 2024.

Active listings totaled 4,366 in January — a 23% year-over-year increase in homes for sale. In January 2024, there were 3,538 active listings, and in December 2024, there were 4,072 active listings. The MSI stood at 2.12, up from 1.72 last year and from 1.97 in December 2024.

“Additional inventory is always good for prospective homebuyers,” Barbara Wolcott with Berkshire Hathaway HomeServices RW Towne Realty, president of REIN’s board of directors, said in a statement. “Likewise, the increased number of homes can help drive down prices for buyers, which is especially helpful since mortgage rates continue to climb.”

The median sales price in Hampton Roads was $340,000 in January, up from $320,500 in January 2024 and $355,000 in December 2024.

Homes spent a median of 27 days on the market in January, down from the 32-day median recorded in January 2024 and from the 29-day median in December 2024.

Founded in 1969, REIN is a regional multiple listing service that covers an area stretching from Williamsburg east to Virginia Beach and south across the North Carolina border.