Completed home sales decrease in Feb. for NoVa, Hampton Roads

Housing sales in February decreased year-over-year in Northern Virginia and Hampton Roads. Inventory and median selling prices increased in both regions.

Northern Virginia

Closed sales in Northern Virginia decreased year-over-year in February, according to Northern Virginia Association of Realtors data released March 11. The median home price and active listings rose compared to the same month in 2024.

Last month, 937 homes sold in Northern Virginia, an 8.1% decrease from February 2024. New pending sales fell 6.7% from February 2024, to 1,098 units.

However, inventory in February sharply increased, 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 1.12, up 29% from the same month last year.

There were 1,520 active listings on the Northern Virginia market in February, up 31.8% year-over-year. New listings, though, totaled 1,207 units, a 3.83% decrease over the same month in 2024.

“The increase in active listings is an encouraging development for prospective homebuyers who have been faced with limited options in recent years,” Casey Menish, NVAR President and a Realtor with Pearson Smith Realty, stated in a news release. “A boost in inventory not only helps create a more balanced market but also opens doors for buyers who may have been sidelined by fierce competition or rising prices. This shift could provide much-needed opportunities for those eager to make their move.”

Homes spent an average of 22 days on the market last month, the same as the previous year.

The median sold price last month was $732,750, up 6.6% compared with February 2024.

“The Northern Virginia market is adjusting to changing economic conditions, with buyers and sellers navigating shifts in affordability and inventory,” Ryan McLaughlin, CEO of NVAR, said in a statement. “While closed sales have slowed, the steady median home price suggests ongoing demand for well-priced properties.”

Leaders in the industry continue to watch to see whether layoffs in the federal workforce will affect the area’s housing market.

“While speculation continues about the impact of changes in the federal workforce on the local housing market, it remains to be seen how these shifts will fully influence demand and market trends,” McLaughlin stated. “As we continue to monitor the situation, we remain focused on broader economic factors shaping the market.”

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 February; however, inventory increased, according to data released March 10 by the Real Estate Information Network (REIN).

Closed home sales in the region totaled 1,551 last month, down 9.25% from the 1,709 closed sales recorded in February 2024; although, that was an increase from the 1,389 closed sales recorded in January 2025.

There were 1,875 pending sales February, down from 2,040 in the same month last year but up from 1,748 in January.

Active listings totaled 4,340 in February — a 21.6% increase year-over-year in homes for sale. In February 2024, there were 3,568 active listings, and in January there were 4,366 active listings. The MSI stood at 2.12, the same as it was in January. The MSI was 1.73 in February 2024.

The median sales price in Hampton Roads was $345,000 in February, up from $327,500 in February 2024 and $340,000 in January.

Homes spent a median of 28 days on the market in February, a six day increase over February 2024 and a one-day increase over January.

“The number of active listings is up nearly 22% from the same month last year,” said REIN Board President Barbara Wolcott of Berkshire Hathaway Home Services RW Towne Realty. “When consumers have more choices, they don’t feel quite as much pressure to make a quick decision.”

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.