Home sales increase across Virginia

Housing sales increased year-over-year in Northern Virginia, Central Virginia and Hampton Roads, signaling a healthy and stabilizing market with more homes hitting the market, according to industry representatives.

Northern Virginia

The Northern Virginia Association of Realtors reports that 1,847 units were sold in June — a 13.6% increase over June 2024. Total sales volume was $1.64 billion, a 15.2% increase compared with June last year.

NVAR credits this rise to an increase in inventory, as active listings jumped 52.7% year-over-year, reaching 2,512 properties on the market.

However, the increased inventory brought changes to prices and the pace of sales. NVAR reports that the median sales price dipped 1.3% year-over-year to $770,000, with homes remaining on the
market an average of 20 days, a 42.9% increase from the previous year. New pending sales in June declined 0.5% to 1,677 units from last year.

Still, the association says these trends point to a normalizing market that gives buyers flexibility.

“We view this as a healthy recalibration,” NVAR CEO Ryan McLaughlin said in a statement. “Buyers have more time to make informed decisions. Pricing is stabilizing after years of intense upward pressure. These are all indicators of a maturing, resilient market that is adjusting to new conditions without losing momentum.”

NVAR board member Veronica Seva-Gonzalez, a real estate agent with Compass, said the more balanced market is due to an increase in home purchasing options.

“Buyers aren’t rushing into the first available home; they’re able to take a breath, compare choices and still act competitively when the right property comes along,” she said. “It’s a more thoughtful market, and that’s good for everyone. While some markets have seen inventory improve, competition remains fierce in some of the most sought-after areas, where well-priced homes are still receiving multiple offers.”

NVAR anticipates a steady market in the months ahead, especially if more homeowners choose to list their properties.

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

Hampton Roads saw increases in both housing sales and the regional selling price, according to according to data released Tuesday by the Real Estate Information Network (REIN).

In June, there were 2,541 closed sales, up slightly from from 2,445 in May and up 8% from the 2,355 sold in June 2024.

June’s months supply of inventory (MSI) — a measure of how many months there would be homes on the market if no new inventory were added — was 2.65, up from 2.59 in May and up from 2.16 from last year.

“Most of our data points were up in June compared to both the month prior and the year prior,” said REIN board President Barbara Wolcott of Berkshire Hathaway Home Services RW Towne Realty. “There are significantly more homes for sale now than there have been for quite some time, and interest rate stability seems to be keeping buyers interested.”

The median sale price hit a record high for the second month in a row in June, at $375,000, a 4.2% increase from $360,000 in June 2024. In May, the median price was $368,900.

Wolcott noted that in addition to settled sales and the media sale price, the region also saw year-over-year increases in pending sales and active residential listings. Active listings in June rose to 5,437, up from 5,276 in May, and up 24% year-over-year from 4,380 in June of last year. Pending sales for the month were 2,468, down slightly from 2,582 in May, but up 15% from 2,145 for the same time last year.

“Active listings were up 24% on the Southside and 29% on the Peninsula,” Wolcott said in a statement. “Despite the increase in the number of homes sold, we have more inventory for buyers to choose from than we have had in quite some time.”

Homes spent a median of 18 days on the market in June, the same as the previous month, but up from the 16 in June 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.

Central Virginia

Like NOVA and Hampton Roads, Central Virginia also saw increases in sales. The Central Virginia Regional Multiple Listing Service splits its data between single family homes and condos and townhomes.

In Central Virginia, there were 1,431 closed sales for single family homes in June, up 7.2% from 1,335 in June 2024. For condo/townhomes, there were 300 sales, up 34.5% from June 2024.

Pending sales for single family homes increased 12.4% year-over-year from 1,222 in June 2024 to 1,374 in June 2025. For condo/townhomes, there were 272 pending sales, up 26.5% from 2024’s 215.

Single family homes spent an average of 19 days on the market in June, a 13.6% decrease from the 22 days on market the previous year. Meanwhile, condo/townhomes spent 34 days on market, a one-day increase from the 33 in the previous year.

The median sales price for single family homes last month rose to $440,000, up 4.5% from the $421,000 the previous year. The median price for condo/townhomes was $370,000, up 1.2% from last year.

Single family housing inventory in June also rose 3.8% from 2,000 in June 2024 to 2,076 in June of this year. Condo/townhome inventory was 662, a 36.5% from last year’s 485.

Laura Lafayette, CEO of the Richmond Association of Realtors, said the market is improving from 2023 and 2024. And while Richmond residents have raised concerns about affordable housing, she said the region is attractive to homebuyers from other parts of the state and the country, who view the area as more affordable and attractive than where they came from.

She noted the economics of Central Virginia differ from Northern Virginia, saying Central Virginia is less impacted by federal funding cuts and layoffs under the Trump administration.

“What’s going on at the federal level, in terms of federal employees, I think influences their market,” Lafayette said. “Tidewater can be more dependent on federal funding and federal employment, and so one of the things is that we have less dependency on the federal government and federal employees. And I think if there’s going to be any fallout for the real estate market from that, we’re going to be shielded from that. I would also say that we just have had tremendous demand. So that’s why you see upward price pressures … because we don’t have the inventory to meet the demand.”

The CVR MLS includes data for Amelia, Charles City, Chesterfield, Colonial Heights, Dinwiddie, Goochland, Hanover, Henrico, Hopewell, King & Queen, King William, New Kent, Petersburg, Powhatan and Prince George counties and the city of Richmond.