Key Virginia markets see year-over-year home sale increases in March

Housing markets across Northern Virginia, Central Virginia and Hampton Roads posted year-over-year sales gains in March, as buyers returned despite tight inventory and ongoing affordability pressures.

Northern Virginia

The Northern Virginia Association of Realtors said March’s data reflects a market that is both active and constrained. The association reported that 1,336 homes were sold in the region in March, an 11.2% increase from March 2025. The number of new pending sales in March was 1,783 units, up 5.2% compared to March 2025.

NVAR said the rise in sales suggests that buyers who may have paused earlier in the year have re-entered the market, likely driven by seasonal factors and an ongoing need for housing despite affordability pressures.

“The increase in March sales activity is a clear signal that demand is still strong,” said NVAR CEO Ryan McLaughlin in a statement. “As we move into the spring market, buyers are stepping back in with urgency, particularly in areas where inventory remains limited.”

The region’s total sales volume reached $1.18 billion in March, a 10.2% increase year over year. The association said the growth reflects a higher number of transactions rather than significant price increases, pointing to a more stable pricing environment compared with previous years, when rapid price gains were the primary driver of volume growth.

The median sold price in March was $760,000, up 0.6% from March 2025. The association said the modest increase suggests the market is stabilizing after years of rapid appreciation, with price growth moderating as buyers gain slightly more negotiating power. Still, the association said continued price gains, even as transactions increase, highlight the persistent imbalance between supply and demand in Northern Virginia.

Homes are also taking longer to sell, with average days on market rising to 25, up 38.9% from a year ago. NVAR said the shift indicates buyers are proceeding more deliberately, taking additional time to evaluate options.

“As homes spend more time on the market, we’re seeing a return to more thoughtful decision-making,” McLaughlin said in a statement. “Buyers are no longer rushing into offers within days, but that doesn’t mean competition has disappeared — it just looks different than it did a year or two ago.”

However, inventory remains tight. NVAR reported 1,938 active listings in March, a 2.1% decrease from a year earlier, reversing gains seen earlier in the year.

The association said the decline suggests increased sales activity is quickly absorbing available supply, limiting inventory growth and reinforcing competitive conditions across much of the market.

The impact of constrained supply is also reflected in the month’s supply of inventory (MSI), a measure of how long homes would last at the current sales pace. The region’s MSI fell to 1.39 months in March, down 4.4% year-over-year.

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 across key housing market indicators in March on a year-over-year basis, according to data released Monday by the Real Estate Information Network (REIN).

There were 2,137 closed sales in March, up 7.06% from 1,996 in March 2025 and up from 1,600 in February. Pending sales reached 2,483 in March, a 11.95% increase from 2,218 a year earlier and up from 1,988 the previous month.

Active residential listings totaled 4,766, up 4.95% from 4,541 in March 2025 and higher than the 4,499 recorded in February.

“Homebuyers remained comparatively active last month, which is perhaps not surprising, since mortgage rates were lower than they were last March,” said REIN board President John Chandler of Berkshire Hathaway HomeServices RW Towne Property Management. “Even though active listings were up nearly 5%, inventory remained fairly tight due to the increased buyer activity.”

The median sale price of homes sold in March was $360,000, up 3.75% from $347,000 a year earlier and up from $355,000 in February.

Month’s supply of inventory was 2.25 in March, compared to 2.23 a year earlier and 2.14 in February.

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

The Central Virginia Regional Multiple Listing Service divides its data between single-family homes and condos and townhomes.

In the region, there were 1,299 closed single-family home sales in March up 5.2% from the 1,235 sold at the same point in 2025. For condos/townhomes, there were 243 sales, up 0.4% from March 2025’s 242.

Pending sales for single-family homes increased 8.4% year-over-year from 1,590 in March 2025 to 1,723 in March of this year. For condos/townhomes, there were 330 pending sales last month — a 12.6% increase from March 2025’s 293.

Single-family homes spent 39 days on the market in March — up from 37 days in March 2025. Meanwhile, condos/townhomes spent 46 days on the market, up from 38 reported in March 2025.

The median sales price for single-family homes was $410,000 in March of this year compared to $399,900 in March 2025. The median sales price for condos/townhomes decreased 8.6% from $393,828 in March 2025 to $360,000 this year.

Single-family homes for sale in March totaled 2,220, a 8.3% year-over-year decline from 2,420 homes, while the number of condo/townhome units for sale totaled 699, a 13.8% rise from March 2025’s 614 units.

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