Housing inventory rises in Northern Virginia, Hampton Roads

Both the Northern Virginia and Hampton Roads housing markets saw inventory grow in July, with  houses spending longer on the market.

Northern Virginia

The Northern Virginia Association of Realtors reports that 1,612 units were sold in July — a 1.6% decrease over July 2024. Total sales volume was $1.41 billion, a 2.6% increase compared to this time last year.

The region saw an increase in inventory last month, as active listings jumped 43.4% year-over-year, reaching 2,530 properties on the market. Homes remained on the market an average of 20 days, a 25% increase over July 2024.

The median sold price rose 3.4% year-over-year to $760,073, growth which indicates “steady buyer interest,” according to NVAR.

Growing inventory and extended days on market suggest shifting dynamics in Northern Virginia’s real estate market, the association stated.

“We’re seeing a market that is recalibrating,” NVAR CEO Ryan McLaughlin said in a press release. “Buyers are still active, and the market remains strong, but at a more measured intensity than in recent years.”

NVAR President Casey Menish, a real estate agent with Pearson Smith Realty, agreed.

“Buyers are approaching their decisions more carefully, and sellers are adjusting to longer timelines and increased competition,” she said in a press release. “We’re moving away from extremes, and that’s a healthy development for long-term market stability.”

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 improvements in settled and pending sales last month compared with the same period last year, according to data released Sunday by the Real Estate Information Network (REIN).

In July, there were 2,528 settled sales, up from 2,346 in July 2024. However, those numbers were down 13 sales from June. Pending sales were 2,457, a 10.5% increase over July 2024.  There were 2,468 pending sales in June.

“Interest rates have been holding steady, and active listings remain high, giving buyers more options,” REIN board President Barbara Wolcott of Berkshire Hathaway Home Services RW Towne Realty said in a press release.

July’s months supply of inventory (MSI) — a measure of how many months homes would stay on the market if no new inventory were added — was 2.74, up from 2.65 in June and up from 2.28 in July 2024.

The median sale price in July was $368,250, a drop from $375,000 in June, but up 3.44% from $356,000 in July 2024.

Homes spent a median of 22 days on the market in July, up from 18 days last month and in July 2024.

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