Please ensure Javascript is enabled for purposes of website accessibility
Upcoming Event

Best Places to Work in Virginia

Hamburger Menu Hamburger Menu

Tag: housing

Statewide home sales, inventories rose in November

The fall 2024 housing market has outpaced the fall 2023 market across the commonwealth, according to statewide November sales data released Dec. 20 by Virginia Realtors.

“For two months in a row now, Virginia has seen double-digit growth in closed sales,” Ryan Price, the trade organization’s chief economist, stated in a news release.

In November, 7,853 homes sold across Virginia. That was 905 more sales than in the same month the previous year — a 13% increase.

Courtesy Virginia Realtors

Pending sales also remained above last year’s pace. Last month, Virginia had 6,863 pending sales, 905 more contracts than this time in 2023.

“This marks a strong ending to what has been an otherwise sluggish 2024 housing market for the commonwealth,” Price stated.

The number of housing sales in November in Northern Virginia rose 10.8% from the same time the previous year, according to data released Dec. 10 from the Northern Virginia Association of Realtors.

The Hampton Roads area saw 1,899 home sales in November, up 12.37% from the 1,690 sales recorded in November 2023 but down from October’s 2,115 sales, according to the Real Estate Information Network (REIN).

The Virginia market had 18,870 active listings at the end of November, a 12% increase from the same month last year. New listings in November totaled 9,031, up 10.3% over new listings recorded in November 2023.

“Growth in new listings has been consistently stronger than last year as more sellers are choosing to enter the market,” Virginia Realtors 2025 President Lorraine Arora said in a statement. “While our inventory of listings has expanded, it’s important to remember we’re looking at an inventory that is still about 40% smaller than it was this time five years ago.”

The statewide median sales price in November was $415,000, up $30,000 from November 2023. About 76% of local markets in the commonwealth saw median price growth in November.

For the week ending Nov. 7, the weekly average 30-year fixed-rate mortgage was 6.79%, according to Freddie Mac data. The following week, the average 30-year fixed-rate mortgage was 6.78%. The average rate was 6.84% for the week ending Nov. 21, and for the week ending Nov. 28, the average 30-year rate was 6.81%.

As of Dec. 19, the weekly average for a 30-year fixed-rate mortgage was 6.72%, according to Freddie Mac data.

Homes are selling relatively quickly but are staying on the market a bit longer than last year, according to Virginia Realtors. Statewide, homes spent a median of 16 days on the market in November, up from the 13-day median reported in November 2023.

In the Northern Virginia, homes sold in a median of 11 days in November, while in the Richmond region, homes spent a median of 12 days on the market. Hampton Roads and the Winchester areas had 19-day medians.

Based in Glen Allen, Virginia Realtors represents about 36,000 Realtors and is the state’s largest trade association.

Following public outcry, Roanoke developer pulls rezoning application

It’s looking like the Old Poage Farm property, which today sits next to U.S. 221 in Roanoke County, will remain farmland a while longer.

The land was settled in the mid-1700s when King George III deeded hundreds of acres to Col. Robert Poage, but most recently, the property was proposed as a site for a new multi-use neighborhood.

On Thursday, though, the developer withdrew a rezoning request — although as the land is zoned R-1, allowing single-family homes to be built there, it may not remain the rural expanse it is today.

“You can still do higher density there,” even without rezoning, Roanoke County Supervisor David Radford said Friday.

Developer Alexander Boone had hoped to rezone about 16 acres of the 54-acre property to build 138 townhomes and 11 single family homes as well as a restaurant and “small retail options,” according to a Roanoke County application dated Nov. 8.

Townhomes in the proposal would have been priced in the low $300,000s and the single-family homes would be priced in the low $600,000s, according to the application.

But then, a horde of Roanokers turned out Tuesday for a community meeting on the project at the South County Library. Most were opposed.

Radford, who represents the Windsor Hills area, which includes the Poage Farm, called it the largest crowd he’d seen at that type of meeting.

“I was trying to get a feel of everybody’s opinions and thoughts about it, and it was all all negative in terms of the density [and] potential traffic,” he said Friday. “There were some people there who were tied to it sentimentally, because they’ve seen the Poages’ farm for all those years. So, I was just surprised by the numbers. And to me, it seemed like it was almost 100% against.”

On Thursday, ABoone Real Estate, a Roanoke-based home builder and real estate development firm led by Alexander Boone, withdrew the rezoning request.

Boone said on Friday that the company is busy with a development in Franklin County and some other projects, and that he wanted to revise the Poage farm plan based on what he heard earlier in the week, instead of moving toward a January 2025 meeting.

A man wearing a blazer and an orange tie.
Roanoke developer Alexander Boone.

“We received some constructive feedback on Tuesday night and realized that if we wanted to try to incorporate some of the things that we heard… that we only had three weeks before the planning commission meeting to do so,” he said. “We decided the responsible thing to do was to to withdraw the application [and] revise it based on some of the feedback with our engineers.”

Community concerns

Diane Shelton, a retired speech language pathologist, was happy to hear the application had been withdrawn. She lives about two miles south of the Poage farm with her husband, Mark Shelton, a retired architect.

“We pass it multiple times a day, and traffic is a big concern,” she said.

For his part, Mark Shelton dislikes the design of the proposed townhomes and felt the proposed positioning of those properties did not create a community feel.

Boone said Friday he’s heard from folks especially concerned that the home on the property, which he believes was built in the 1830s, will be destroyed. Initially, Boone had hoped to use that building for a restaurant, but when engineers looked at the house, it was too dilapidated.

Where was the public outcry over the last decade, Boone asked, as the home was visibly falling into disrepair?

“It definitely was not maintained,” he said. “But no one in the community ever said anything about it.”

In 2008, the Roanoke County Public Schools bought the property for about $2.5 million with the intent to build a school, but following the recession, the county’s population declined, according to Chuck Lionberger, a spokesperson for the school system. “The need for any new school … evaporated.”

The Poages leased the land for cattle in the years after the school system purchased it.

The school system sold the property in September to an entity that shares an address with ABoone Homes for $1.1 million.

Boone’s application for rezoning was careful to note that the developer wanted to be mindful of the land’s history. “Poage Farm Village will respect and embrace the history of the Poage Farm, the Poage family and the Poage’s Mill area of Roanoke County by preserving close to two-thirds of the property and welcoming David Poage and his son Josh Poage to continue raising cattle and a garden as part of the Poage Farm Village community,” it said.

Need for housing

Roanoke County issued a statement about the rezoning application withdrawal Friday morning: “Roanoke County staff and the board of supervisors appreciate the public interest in this matter and the citizens who attended this week’s community meeting to share their perspectives,” the statement reads. “As we consider the feedback shared by our residents, we recognize the importance of addressing housing needs as a priority for Roanoke County. With demand outpacing supply, we are committed to encouraging well-planned housing developments that serve residents at all income levels and life stages, expanding housing options for everyone who calls Roanoke County home.”

Radford agrees that Roanoke County needs more housing, but maybe not as much as this project created.

“So I think we’re still focused on single-family, but in a different density that … fits the character of the rural setting that’s along 221 in the Pogue Valley area,” he said.

Paul Mahoney, another county supervisor, said Friday that it’s unfortunate that Boone pulled the application, because he thought the project looked good and that Boone has a reputation for doing first-rate housing developments in the Roanoke Valley.

“We clearly show a need for housing, not just Roanoke County, but indeed our entire region,” he said. “So I think that’s disappointing.”

NoVa, Hampton Roads housing markets improve in November

The Northern Virginia and Hampton Roads housing markets in November showed signs of improvement from the same month last year, including increased home sales and selling prices.

Northern Virginia

Home prices and sales activity in Northern Virginia rose year-over-year last month, indicating a healthier market than the November 2023 one.

November housing sales in Northern Virginia rose 10.8% from November 2023, according to data released Tuesday by the Northern Virginia Association of Realtors.

Last month, 1,168 homes sold in Northern Virginia. There were 1,228 total pending sales last month, up 23.3% from November 2023.

In November, the region had 1,407 active listings, the same number as in November 2023. New listings totaled 817 units, below the five-year average of 1,239 new listings in November and down 2.25% from November 2023.

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 — stood at 1.1, up from November 2023’s MSI of 1.05 but down from October, which had an MSI of 1.4.

November 2024 housing market statistics for Northern Virginia. Image courtesy Northern Virginia Association of Realtors

Homes spent an average of 22 days on the market in November, up 10% compared with the same month last year, and slightly higher than the 19-day average of October.

“By all accounts, November was a healthier real estate market compared to a year ago,” NVAR board member Arshia Kia with KW Metro Center said in a statement. “We have slightly more inventory, which helps buyers. The appetite for homeownership is strong, so even with more homes on the market, homes are selling well, which in turn is driving prices up from a year ago.”

The median sold price last month was $699,900, up 6.6% compared with November 2023 but down from the MSP of $715,000 recorded in October. For the third month in a row, total sales volume jumped significantly from the prior year, according to NVAR. Last month, November’s sales volume totaled more than $985.45 million, up 19.1% from November 2023.

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

In Hampton Roads, closed and pending sales, inventory, the median sales price and the median number of days that homes were on the market rose in November.

Home sales in the region totaled 1,899 in November, up 12.37% from the 1,690 sales recorded in November 2023 but down from October’s 2,115 sales, according to Real Estate Information Network (REIN) data released Tuesday.

“The year-over-year improvements are encouraging, and while November’s numbers were down from October, in a typical real estate environment, that dip is a seasonal expectation,” Gary Lundholm with The Real Estate Group, president of REIN’s board of directors, said in a statement.

“The year-over-year improvements in sales can be attributed to lower mortgage rates,” he added, “but also perhaps to additional inventory, which gives consumers more choices.”

November 2024 housing market data for Hampton Roads. Image courtesy Real Estate Information Network

Hampton Roads pending sales totaled 1,779 in November, down from 2,159 pending sales in October but up 10.22% from the 1,614 recorded in November 2023.

Hampton Roads had 4,565 active listings last month, down from 4,765 active listings in October but up 14.7% from November 2023’s 3,980 active listings.

The region’s MSI in November was 2.23, down from 2.35 in October and up from 1.91 in November 2023.

The median sales price in November stood at $350,000, down from October’s MSP of $354,000 but up 6% from the MSP of $330,000 recorded in November 2023.

Homes spent a median of 27 days on the market last month, unchanged from October. In November 2023, homes spent a median of 19 days on the market.

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.

Va. home sales, inventory rises in October

Housing sales and inventory in Virginia rose in October, with closed sales up 12.5% from October 2023, according to Virginia Realtors data released Nov. 22.

Last month, 8,732 homes sold in Virginia — 968 more than sold in October 2023. The influx of closed sales in October resulted from the jump in pending sales — new contracts — in September, when mortgage rates fell into the low 6% range. Pending sales in October totaled 8,054, up 1,198 pending sales, or 17.5%, from October 2023.

Mortgage rates began rising in October, though. For the week ending Oct. 10, the weekly average 30-year fixed-rate mortgage was 6.32%, according to Freddie Mac data. The following week, the average 30-year fixed-rate mortgage was 6.44%. The average rate was 6.54% for the week ending Oct. 24, and for the week ending Oct. 31, the average 30-year rate was 6.72%.

As of Nov. 21, the weekly average for a 30-year fixed-rate mortgage was 6.84%, according to Freddie Mac data.

The Virginia market had 20,042 active listings at the end of October, a 16% increase from the same month last year. The October total is the first time the statewide active listings total has exceeded 20,000 in about four years, which signals that more sellers are slowly entering the market, according to Virginia Realtors.

New listings last month totaled 11,792, up 15.2% from the 10,232 new listings recorded in October 2023.

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 — stood at 2.4, up from October 2023’s MSI of 2.2.

“Growing inventories of available homes is a widespread trend we are seeing across most of the commonwealth,” Virginia Realtors Chief Economist Ryan Price said in a statement. “At the end of October, 74% of Virginia’s local markets had more active listings than a year ago, showing the influx of inventory is not just a localized trend.”

The statewide median sales price in October was $415,000, up $25,000 — a 6.4% increase — from October 2023.

“While inventory conditions are improving, tight supply and pent-up buyer demand are keeping upward pressure on sales prices,” Tom Campbell with Fathom Realty, Virginia Realtors’ 2024 president, said in a statement.

Homes are selling relatively quickly but are staying on the market a bit longer than last year, according to Virginia Realtors. Statewide, homes spent a median of 15 days on the market last month, up from the 11-day median reported in October 2023.

In the Northern Virginia, Charlottesville and Harrisonburg markets, homes sold in a median of 8 days, while in the Richmond region, homes spent a median of 10 days on the market. Hampton Roads had a 21-day median.

Based in Glen Allen, Virginia Realtors represents about 36,000 Realtors and is the state’s largest trade association.

Youngkin announces plan to grow workforce housing

At the Governor’s Housing Conference in Virginia Beach Thursday, Gov. Glenn Youngkin unveiled the Workforce Housing Investment Program, an initiative at Virginia Housing that will invest $75 million over five years to spur the creation of workforce-priced housing.

The funding holds the potential, according to a news release from the Governor’s Office, to “catalyze $750 million and build 5,000 units of workforce housing in conjunction with economic development projects in the commonwealth.”

Additionally on Thursday, Youngkin issued an executive order directing the Virginia Economic Development Partnership and the Department of Housing and Community Development to coordinate with Virginia Housing — which was created by the General Assembly in 1972 to help Virginians attain affordable housing — to ensure business site investment decisions take into account nearby localities’ plans to foster housing development.

Virginia has a housing supply of about 3.6 million residential units but has a housing demand of 4.1 million units, according to an analysis performed by the Department of Housing and Community Development. The current shortage of workforce housing in Virginia is 41,000 homes, according to the executive order.

The executive order also notes that an analysis from the Virginia Economic Development Partnership found Virginia’s metro areas are building new housing units at a lower rate than metro areas in competing states. Metro areas outside of Virginia are also issuing permits for new residential units at a faster rate than the commonwealth’s metro areas, according to the order.

“With record employer relocations and expansions in the commonwealth, over $85 billion in capital investment, nearly 250,000 jobs created, and a reversal of recent trends on net-out migration, it is clear that Virginia is growing and we need to make sure the supply of housing can meet our surging demand,” Youngkin stated. “The private sector is ready to step in and meet the needs of our growing workforce with much-needed workforce housing, and today’s announcement advances these efforts by accelerating workforce housing development and requiring local governments to support the housing growth that Virginia needs.”

Under the Workforce Housing Investment Program, Virginia Housing will provide loans, loan subsidies and grants up to $3 million to localities and nonprofits to develop housing for workers earning between 80% and 120% of the area median income, or up to 150% in rural areas.

To be eligible, a locality must be located within a 30-minute drive of a business adding new jobs. For a locality that isn’t economically distressed, that business must add 100 jobs. For a distressed locality — a locality with an unemployment rate above the state average or with a poverty rate above the statewide average poverty rate — the business must add 50 jobs. For a double-distressed locality — a locality with both an unemployment rate above the state average and with a poverty rate above the statewide average — the business must add 25 jobs.

The Virginia Governor’s Housing Conference, which opened Wednesday and continues through Friday, attracts more than 900 affordable housing advocates, providers and policy makers.

Roanoke City Council approves zoning changes — again

A residential zoning do-over in the Star City is done. At least for now.

On Sept. 16, Roanoke City Council voted 6-1 to adopt zoning amendments that will allow greater housing density and eliminate single-family-only housing

City Council adopted similar zoning amendments in March, but several city homeowners, including Republican mayoral candidate David Bowers and former City Attorney Bill Hackworth, filed a lawsuit charging that city officials did not follow proper procedures prior to the vote. The suit remains pending, according to Maynard Sipe, the plaintiffs’ attorney.

Roanoke officials responded to the lawsuit by starting over and reopened discussion on the matter through the summer. In August, Roanoke’s planning commission reversed course, opting by a 3-2 vote not to recommend the changes. But City Council, which isn’t bound by the commission’s vote, adopted the proposal at its September meeting following lengthy public comment.

Several Roanoke homeowners filed a second lawsuit Oct. 16 at Roanoke City Circuit Court charging that Roanoke City officials failed to provide a sufficient summary of the zoning amendments in public notices about public hearings for this round of zoning amendment adoption and other issues.

Roanoke isn’t alone in eliminating single-family zoning, according to Alexander von Hoffman, senior research fellow at the Joint Center for Housing Studies of Harvard University.

“The idea is that by allowing demand to flow freely without the constriction of the zoning regulations, you’d be able to get increased housing … [and] produce more units that are less expensive,” von Hoffman says.

In September, a circuit judge overturned changes that eliminated single-family zoning in Arlington County, citing procedural issues and other problems. A lawsuit challenging Alexandria’s move to end single-family-only zoning appears headed for court.

Roanoke’s previous single-family-only residential zones were a holdover from the city’s Jim Crow era, according to acting Assistant City Manager Chris Chittum, who announced plans to retire in October. Paired with the city’s urban renewal projects that tore down historically Black neighborhoods to make way for Interstate 581, the civic center and a post office, Roanoke became one of the most segregated cities in America. “It’s pretty insidious how well it’s worked,” Chittum says.

The rewritten zoning code makes it easier for developers to build multiunit parcels in residential neighborhoods. It also made other changes, including reducing the amount of lot area required for dwellings.

But don’t expect Roanoke to change drastically overnight. The city issued 98 residential building permits in 2023, and it expects to see fewer than 40 additional units annually following the changes.

“The way our housing market is,” he says, “every single unit that we add is helpful.”  

Editor’s note: This story has been updated from the print version. 

Va. pending home sales, prices rose in September

Pending home sales in Virginia rose in September — increasing almost 14% from September 2023 — suggesting more buyers are entering the market, according to Virginia Realtors data released Tuesday.

Last month, 8,065 homes sold in Virginia, a less than 1% increase from September 2023. Although closed sales remained relatively flat year-over-year, pending sales rose, as 8,119 homes went under contract in September, up 978 pending sales from last year — a 13.9% jump.

“This is the largest increase in pending sales Virginia’s housing market has had in more than three years and was likely driven by last month’s drop in mortgage rates,” Virginia Realtors Chief Economist Ryan Price said in a statement. “When rates dropped to near 6%, more buyers decided to get off the sidelines.”

For the week ending Sept. 5, the weekly average 30-year fixed-rate mortgage was 6.35%, according to Freddie Mac data. The following week, the average 30-year fixed-rate mortgage was 6.2%. For the week ending Sept. 19, the average rate was 6.09%, and the weekly average rate for the week ending Sept. 26 was 6.08%.

In October, though, mortgage rates have risen again, according to Freddie Mac data. For the week ending Thursday, the weekly average 30-year fixed-rate mortgage was 6.54%, up 0.1 percentage points from the previous week. The four-week average for a 30-year fixed-rate mortgage was 6.36%.

The statewide median sales price also rose year-over-year in September. Last month, it stood at $419,200, up more than $39,000 — an increase of 10.3% — from September 2023. That’s the largest dollar increase in the statewide median sales price since spring 2022, according to Virginia Realtors.

Homes spent a median of 14 days on the market last month, up from the 10-day median reported in September 2023.

The Virginia market had 19,764 active listings last month, up by about 3,100 listings from the same month last year, representing an 18.9% increase. There were 11,378 new listings in September, up 772 listings, or 7.3%, from September 2023.

“Supply conditions remain tight in Virginia but are improving,” Tom Campbell with Fathom Realty, Virginia Realtors’ 2024 president, said in a statement. “Active listings have outpaced 2023 levels every month so far this year.”

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 — stood at 2.3, up from September 2023’s MSI of 2.1.

Based in Glen Allen, Virginia Realtors represents about 36,000 Realtors and is the state’s largest trade association.

Va. Realtors: Home sales to increase 9.8% in 2025

Virginia Realtors forecasts a 9.8% year-over-year increase in home sales in 2025, according to its 2025 Economic & Housing Market Forecast, released Thursday.

So far this year, housing sales in the state are outpacing sales last year (although the pace of sales is below the annual average) and are on track to be up 2.9% annually by the end of the year, according to Virginia Realtors’ forecast.

“We have a lot of pent-up demand in our housing market here in Virginia,” Virginia Realtors Chief Economist Ryan Price said in a statement. “The supply gains we’ve seen so far in 2024 are likely to continue into 2025, bringing more active listings out in the market. …

“This will provide that pent-up demand with more options to choose from,” he added. “Couple this with lower mortgage rates, and we’re likely to see Virginia’s sales activity pick up in 2025.”

Home prices will likely rise at a slower pace next year than they have in 2024, according to Virginia Realtors, because the association expects the growth of home prices to moderate and for new housing to ease supply constraints.

By the end of this year, Virginia Realtors predicts the annual median home price will have risen by 5.1%. The trade association projects the commonwealth’s annual median home price in 2025 will rise 3.4% over 2024.

“The supply-demand imbalance remains a factor, putting upward pressure on home prices,” Sejal Naik, deputy chief economist for Virginia Realtors, said in a statement.

New housing starts — new residential units that construction work has begun on — will increase 2.6% year-over-year in 2025, according to the forecast. Single-family and townhome starts will likely drive the growth in new housing starts, as multifamily projects wane. By the end of 2024, new housing starts will have declined 9.1% year-over-year, according to the forecast.

Thirty-year mortgage rates will end 2024 in the low 6% range, around 6.10%, and drift down to 5.75% by the end of 2024, according to Virginia Realtors projections. That decrease could make homes more affordable for buyers and also help remove the “lock-in effect” for homeowners who have delayed their next home purchases because of high mortgage rates.

Virginia Realtors’ forecast also includes labor market predictions. In 2025, the number of jobs in Virginia will increase 1.2% over 2024 — an addition of 51,000 jobs. By the end of 2024, Virginia will have added 79,000 jobs, a 1.9% year-over-year increase, according to the forecast.

By the end of 2025, the association predicts the state’s fourth-quarter average unemployment rate will increase from 2.8% (the August 2024 rate according to the U.S. Bureau of Labor Statistics and Virginia Realtors’ projected fourth-quarter average) to 3.2% “due to weaker economic conditions across the country.”

Based in Glen Allen, Virginia Realtors represents more than 35,000 Realtors and is the state’s largest trade association.

Virginia Realtors CEO retires

Virginia Realtors CEO Terrie L. Suit is retiring after 11 years heading the state’s largest trade association, according to a Sept. 14 announcement.

Glen Allen-based Virginia Realtors, which represents 36,000 Realtors, has appointed Martin K. Johnson as interim CEO. He has held varying roles with the association, including senior vice president of advocacy, chief lobbyist and, most recently, chief external affairs officer.

A former state delegate and state secretary of veterans affairs and homeland security, Suit became CEO of Virginia Realtors on Sept. 13, 2013. She entered the real estate industry as a Realtor in 1985 before transitioning into mortgage lending, an industry she worked in for 20 years.

“Throughout Terrie’s tenure with our association, we have achieved significant progress on behalf of the real estate industry — both in Virginia and beyond,” Virginia Realtors 2024 President Tom Campbell said in a statement. “Under her leadership and vision, we have been able to advocate for homeowners across Virginia and pass meaningful legislation to help protect our industry. Virginia Realtors thanks Terrie Suit for her steadfast dedication and wishes her the very best in her retirement.”

In 1996, then-Gov. George Allen appointed Suit to the Virginia Real Estate Board. A Republican, she also served in the Virginia House of Delegates, representing parts of Virginia Beach and Chesapeake, from 2000 to 2008, chairing the House of Delegates’ General Laws committee and the Virginia Housing Commission.

In April 2011, then-Gov. Bob McDonnell appointed Suit as Virginia’s first secretary of veterans affairs and homeland security.

Reared in a military family and born in Orléans, France, Suit graduated from Tidewater Community College and Old Dominion University with a bachelor’s degree in political science. She completed her MBA at the University of Mary Washington. In 2022, Gov. Glenn Youngkin appointed Suit to Mary Washington’s board of visitors; her first term ends next year.

“I want to thank the many talented leaders I’ve been fortunate to work alongside during my time as Virginia Realtors CEO,” Suit said in a statement. “I believe in the power of this organization and the importance of its mission. I believe in the power of owning property, and I know that this organization’s tireless efforts will continue helping more and more Virginians to realize that dream.”

NoVa, Hampton Roads home sales decline in August

Home sales in Northern Virginia and Hampton Roads dropped year-over-year and month-over-month in August, although inventory and selling prices in both regions increased from the same time last year.

Northern Virginia

August home sales in Northern Virginia dropped 8.1% from August 2023, according to data released Sept. 12 by the Northern Virginia Association of Realtors.

Home sales in the region last month totaled 1,411 units, down almost 14% from the 1,639 sales recorded in July. Pending sales stood at 1,280 units, down from 1,304 units last year.

There were 1,814 active listings in August, up almost 22% from 1,492 listings last year. New listings numbered 1,349 units, down from 1,410 in August 2023.

Housing inventory and prices in the region grew year-over-year and month-over-month in August. 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 — stood at 1.4 months, up from 1.08 months in August 2023 and up from the MSI of 1.3 in July. That inventory level is higher than the five-year average of a 1.2 MSI.

As inventory rose, homes stayed on the market longer — an average of 18 days, up 5.9% from August 2023 and up from July’s 16-day average.

The median sold price for a Northern Virginia home last month was $738,000, up 5.4% compared with August 2023 and up from the July median of $735,000.

“Fewer homes sold this August compared to last year even though consumers had more choices as supply loosened,” NVAR board member Tatiana Bush with eXp Realty said in a statement. “The increase in inventory did not dampen prices, which continued to climb. The good news is that mortgage rates are slowly declining, giving consumers more buying power.”

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

Home sales in Hampton Roads last month totaled 2,282, down about 8% from the 2,478 recorded in August 2023 and down 2.7% from July’s 2,346 sales, according to Real Estate Information Network (REIN) data released Aug. 10.

Pending sales in the region totaled 2,123, down from the 2,289 recorded in August 2023 and from the 2,315 reported in July.

The number of Hampton Roads homes for sale last month was the highest it’s been since October 2020, when the region had 4,887 active listings. Active residential listings totaled 4,811, up from 3,680 active listings last year and from July’s 4,461 listings. The month’s supply of inventory was 2.38, up from 1.68 in August 2023 and from 2.28 in July.

August 2024 statistics for the Hampton Roads housing market. Image courtesy Real Estate Information Network
August 2024 statistics for the Hampton Roads housing market. Image courtesy Real Estate Information Network

“Traditionally, when inventory increases, prices will fall, but I think recent data shows that despite increases in inventory, it’s still somewhat of a seller’s market here in Hampton Roads,” Gary Lundholm with The Real Estate Group, president of REIN’s board of directors, said in a statement. “Just five years ago during the same month, there were over 8,000 homes on the market. So, despite the increase in listings over the last few years, inventory is still well below what we might consider normal and that has impacted selling prices.”

In August 2019, active listings in the region totaled 8,824, which dropped to 5,105 listings in August 2020, then 4,467 in August 2021, and down again to 4,117 listings in August 2022.

The median sales price (MSP) for the region rose year-over-year and has risen about 37.5% from August 2019’s MSP of $255,000. Last month, the MSP stood at $350,620, up from the MSP of $341,100 recorded in August 2023 but down from July’s MSP of $355,500.

Hampton Roads homes spent a median of 21 days on the market, up from the median of 14 in August 2023 and from the 18-day median recorded in July.

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.