NoVa, Hampton Roads home sales fall in June

Home sales in Northern Virginia and Hampton Roads dropped year-over-year in June, as homes stayed on the market longer and median sales prices rose.

Northern Virginia

June home sales in Northern Virginia fell 13.8% from June 2023 and 12.2% from May, according to data released July 11 by the Northern Virginia Association of Realtors.

“This year’s regional housing market resembles a pendulum, swinging back and forth,” NVAR board member Mary Bowen with Long & Foster Real Estate said in a statement. “The one constant is that prices continue to go up. With a bit more inventory, homebuyers in June had a few more choices than last year; however, it remains a sellers’ market.”

Last month, 1,626 homes sold in the region. Pending sales totaled 1,674 units, up about 10% from June 2023.

There were 1,645 active listings in June, up 5% from last year. New listings totaled 1,539 units, down 9% from June 2023 and well below the five-year average of 2,483 new listings for the month of June.

Homes stayed on the market longer this June: an average of 14 days, a 7.7% increase from last 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 1.3 months, the same MSI as May and a 14.5% increase from June 2023.

The median sold price for a Northern Virginia home last month was $780,000, up 8.6% from the same month last year and up from May’s median of $760,000. The total sold volume in June was more than $1.4 billion, down 5.9% from June 2023.

“Our shifting market reveals ongoing demand amid a landscape of short supply,” NVAR CEO Ryan McLaughlin said in a statement. “Even with more selection, we still have very little inventory, which is driving prices higher. The good news is that we have had several months of home sales growth this year rather than just declines, which means the market is still rightsizing itself.”

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, home sales for June totaled 2,355, down 5.7% from the 2,498 sales recorded in May and down about 11.7% from June 2023’s 2,666 sales, according to Real Estate Information Network (REIN) data released Wednesday.

The Hampton Roads housing market had 2,215 pending sales in June, down from 2,546 in May and down from 2,394 in June 2023.

There were 4,380 active listings on the market in June, up from 4,264 in May and from 3,366 in June 2023. The month’s supply of inventory was 2.16, up from 2.07 in May and from 1.47 in June 2023.

“Although we are seeing an increase in the number of homes for sale when looking at the last three years, if you compare June 2024 to June 2019 when there were 9,308 homes on the market, you can see that the competition is often much more concentrated since there are about half as many properties,” Gary Lundholm with The Real Estate Group, president of REIN’s board of directors, said in a statement.

The median sales price (MSP) for the region rose in June and hit a record for the second consecutive month. Last month, the median sales price of homes in the region was $360,000, up 2.15% from the MSP of $352,392 in May and up 4.3% from June 2023’s MSP of $345,000.

“Home prices in our region have been rising, as they have been in much of the nation,” Lundholm said in a statement. “Fortunately for homebuyers, our MSP is still below the statewide average and inventory also continues to increase, which can have a positive impact on prices.”

Homes in the region spent a median of 16 days on the market, up from the median of 15 days in May and the 11-day median recorded in June 2023.

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.