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Top Five December 2024

1   |  Former NFL, U.Va. football player indicted on embezzlement charges

developer Christopher Harrison was indicted on federal charges connected to a downtown Richmond residential project and Petersburg’s former Ramada Inn. (Oct. 21)

2   |  Navy Federal ordered to refund customers $80 million, pay $15 million civil penalty

The Consumer Financial Protection Bureau directed the nation’s largest credit union to issue the refunds over allegations of illegal overdraft fees. (Nov. 7)

3   |  As data centers grow, Amazon and Dominion explore small nuclear reactors

With digital power consumption skyrocketing, the two companies are looking at co-developing small modular nuclear reactors, or SMRs. (Oct. 16)

4   |  If Trump cuts federal workforce, Warner predicts ‘disaster’ for Va.

warned that President-elect Donald Trump’s proposed federal cuts and relocations would be disastrous for Virginia’s economy. (Nov. 7)

5   |  Trump Town owner calls assault, indecent exposure charges ‘fake news’

Whitey Taylor, owner of the Boones Mill store dedicated to the 45th and 47th president, was arrested in October after female employees accused him of indecent exposure and assault. (Oct. 25)

Heard Around Virginia: December 2024

Fixify, an Arlington County-based -powered IT help desk solution provider founded in 2023, announced Oct. 23 that it has closed on a $25 million Series A funding round co-led by Costanoa Ventures, Decibel Partners and Paladin Capital Group with participation from Scale Venture Partners. The funds will be used to scale its workforce and accelerate product development. Fixify also announced that Mourad Yesayan, Managing Director at Paladin Capital Group, will be joining Fixify’s board to provide strategic counsel on AI and cybersecurity. (News release)

Richmond-based employee benefits Fringe has raised a little more than $6 million in new equity funding, according to a Securities and Exchange Commission filing. The com-pany recorded its first sale in the venture round on Sept. 9 and a total of nine investors participated, according to the filing. Led by CEO Jordan Peace, who co-founded it in 2018, Fringe has now raised a total of $27 million to date, according to Crunchbase, including a $17 million funding round in 2022 led by Chicago’s Origin Ventures and Charlottesville’s Felton Group. (Richmond Inno)

Lingo, an Arlington edtech startup founded in 2020 by rocket scientist and astronaut Aisha Bowe, has raised $2.3 million in a seed round of funding, which included participation by D.C.-based 1863 Ventures. Pinnacle Private Ventures also participated in the round, which the company will use to expand its hands-on, project-based coding kits and curriculum for kids in fields such as , space systems and environmental monitoring. Lingo’s programs are implemented by partners such as Information Technology, Siemens Healthineers, Leidos and Howard University. (Potomac Tech Wire)

Interos, an Arlington tech firm that helps companies monitor and respond to supply chain threats, has obtained $40 million in new funding to expand product capabilities following several executive leadership appointments. The growth capital investment from Blue Owl Capital, a New York alternative investment asset management firm, brings Interos’ total outside funding to about $175 million, according to Crunchbase. Other investors that have backed the tech unicorn previously include Menlo Park, California, venture capital firm Kleiner Perkins, San Francisco venture capital firm NightDragon and New York investment firm Venrock. (DC Inno)

Qnovia, a Richmond startup focused on smoking cessation technology, has received investigational new drug clearance from the Food and Drug Administration for its nicotine inhaler product. The five-person company, led by CEO Brian Quigley, developed the RespiRx nicotine inhaler to get nicotine into patients’ systems quicker than established offerings like patches and lozenges. Last year, it received positive results in its first round of human trials. The new clearance gets the company into clinical trials in the U.S., and it’s preparing a phase 1 study in the months ahead. (Richmond Inno)

Ashburn-based RiPSIM Technologies, makers of a platform for generating and delivering mobile network authentication credentials on demand, in late October announced raising $5 million in a seed funding round, led by cybersecurity-focused Ten Eleven Ventures. This investment will fuel the expansion of RiPSIM’s eSIM-as-a-Service management platform, a solution modernizing the eSIM generation and delivery process. Using RiPSIM’s platform, carriers and network operators gain custody and control over the entire credentialing process, so they can more securely authenticate subscribers to their networks on demand. (News release)

Legal Elite 2024: Labor/Employment Law

Faith A. Alejandro
Sands Anderson
Richmond

Zev Antell
Butler Curwood
Richmond

Ryan M. Bates
Hunton Andrews Kurth
Washington, D.C.

Paul G. Beers
Glenn Feldmann Darby & Goodlatte
Roanoke

Amanda Tapscott Belliveau
McCandlish Holton
Richmond

John V. Berry
Berry & Berry
Reston

Lisa Bertini
Bertini Law Firm
Virginia Beach

Anne G. Bibeau
Woods Rogers
Norfolk

Susan Blake
Dominion Enterprises
Norfolk

R. Patrick Bolling
Woods Rogers
Roanoke

Elaine Charlson Bredehoft
Charlson Bredehoft Cohen Brown & Nadelhaft
Reston

John Michael Bredehoft
Kaufman & Canoles
Norfolk

Carla D. Brown
Charlson Bredehoft Cohen Brown & Nadelhaft
Reston

Alyson M. Brown
Silgan Dispensing Systems
Richmond

Dean T. Buckius
Woods Rogers
Norfolk

Jack W. Burtch Jr.
Burtch Law
Richmond

Douglas R. Burtch
Burtch Law
Richmond

David C. Burton
Williams Mullen
Virginia Beach

Harris D. Butler III
Butler Curwood
Richmond

Jeremy D. Capps
Harman Claytor Corrigan & Wellman
Glen Allen

Victor O. Cardwell
Woods Rogers
Roanoke

Maureen E. Carr
Bean Kinney & Korman
Arlington County

Caine Joseph Caverly
Jackson Lewis
Richmond

Brian F. Chandler
Protorae Law
Tysons

Deborah Y. Collins
Yeng Collins Law
Norfolk

David E. Constine III
Troutman Pepper
Richmond

James K. Cowan Jr.
Cowan Perry
Blacksburg

Craig Juraj Curwood
Butler Curwood
Richmond

Kimberly W. Daniel
Hancock Daniel
Richmond

Lauren R. Darden
Wharton Aldhizer & Weaver
Harrisonburg

John E. Davidson
Davidson & Kitzmann
Charlottesville

Mary Elizabeth “Betsy” Davis
Whiteford, Taylor & Preston
Richmond

Broderick C. Dunn
Cook Craig & Francuzenko
Fairfax

Elizabeth M. Ebanks
Ogletree Deakins
Richmond

Karen S. Elliott
FordHarrison
Richmond

Lauren E. Fisher
White Christian & Barton
Richmond

William M. Furr
Willcox Savage
Norfolk

Todd M. Gaynor
Gaynor Law Center
Norfolk

Sean M. Gibbons
Roth Jackson Gibbons Condlin
Richmond

Ryan A. Glasgow
Hunton Andrews Kurth
Richmond

Sharon S. Goodwyn
Hunton Andrews Kurth
Richmond

Steven P. Gould
PLDR Law
Lynchburg

Betty S.W. Graumlich
Reed Smith
Richmond

Laura Gross
Kaufman & Canoles
Norfolk

Robyn Hylton Hansen
Sands Anderson
Williamsburg

Richard F. Hawkins III
The Hawkins Law Firm
Richmond

Melissa Jackson Howell
Howell Law Group
Virginia Beach

Phillip Henry Hucles
Sentara Health
Norfolk

Edward Lee Isler
IslerDare
Vienna

Joshua L. Jewett
Pierce Jewett
Norfolk

Nick Johnson
Berenzweig Leonard
McLean

Benjamin Johnson
Pierce Jewett
Norfolk

Stephanie P. Karn
Williams Mullen
Richmond

Laurie L. Kirkland
Blankingship & Keith
Fairfax

Paul G. Klockenbrink
Gentry Locke Attorneys
Roanoke

Yiorgos L. Koliopoulos
Williams Mullen
Virginia Beach

Lindsey S. Komisin
IslerDare
Richmond

David A. Kushner
Willcox Savage
Norfolk

Todd A. Leeson
Gentry Locke Attorneys
Roanoke

Declan Leonard
Berenzweig Leonard
McLean

Katie Lipp
The Lipp Law Firm
Reston

Vijay K. Mago
O’Hagan Meyer
Richmond

Courtney Malveaux
McGuireWoods
Richmond

Kevin E. Martingayle
Bischoff Martingayle
Virginia Beach

Richard H. Matthews
Pender & Coward
Virginia Beach

Joan C. McKenna
O’Hagan Meyer
Richmond

Charles G. Meyer III
O’Hagan Meyer
Richmond

Christopher M. Michalik
McGuireWoods
Richmond

Melisa G. Michelsen
Litten & Sipe
Harrisonburg

Monique Miles
Old Towne Associates
Alexandria

W. Barry Montgomery
Kalbaugh Pfund & Messersmith
Richmond

Charlene A. Morring
Morring Law
Norfolk

David E. Murphy
McCandlish Lillard
Fairfax

Brian G. Muse
Sands Anderson
Williamsburg

Susan Childers North
Gordon Rees Scully Mansukhani
Williamsburg

Noah S. Oberlander
Reed Smith
Richmond

Samantha Otero
McCandlish Holton
Richmond

William M. Palmer
Kaufman & Canoles
Norfolk

Marc E. Pasekoff
Shannon & Wright
Alexandria

W. David Paxton
Gentry Locke Attorneys
Richmond

William Daniel Prince IV
ThompsonMcMullan
Richmond

Barbara Queen
LawrenceQueen Employment Attorneys
Richmond

Elizabeth P. Redpath
McGuireWoods
Richmond

Merrell Beth Renaud
Miles & Stockbridge
Tysons

Sharon Kerk Reyes
Kaufman & Canoles
Norfolk

Leigh Rhoads
Virginia
Roanoke

John Rigby
McInroy, Rigby & Rhodes
Arlington County

Sarah Flynn Robb
Sarah Robb Law
Richmond

Jimmy F. Robinson Jr.
Ogletree Deakins
Richmond

Barry Rowell
Klein Rowell & Shall
Virginia Beach

Dana Rust
McGuireWoods
Richmond

Matthew Sarfan
Hirschler
Richmond

Thomas J. Sawyer
Odin Feldman & Pittleman
Reston

Andrew P. Sherrod
Hirschler
Richmond

James H. Shoemaker Jr.
Patten, Wornom, Hatten & Diamonstein
Newport News

Scott Andrew Siegner
Ogletree Deakins
Richmond

Aaron Siegrist
Pierce Jewett
Richmond

Nicholas Simopoulos
Simopoulos Law
Richmond

Randy C. Sparks Jr.
Kaufman & Canoles
Richmond

J. Thomas Spiggle
The Spiggle Law Firm
Alexandria

Kristina Keech Spitler
Vanderpool Frostick & Nishanian
Manassas

Leah M. Stiegler
Woods Rogers
Roanoke

Tommy Strelka
Virginia Employment Law
Roanoke

Ann Sullivan
Ann K. Sullivan PLC
Norfolk

Jonathan Martin Sumrell
Hancock Daniel
Richmond

Neil Shantaram Talegaonkar
Kaufman & Canoles
Richmond

Sara Tandy
Reaves Group
Richmond

R. Douglas Taylor Jr.
Bean Kinney & Korman
Arlington County

James R. Theuer
James R. Theuer PLLC
Norfolk

John E. Thomas
McGuireWoods
Tysons

King F. Tower
Woods Rogers
Roanoke

Crystal L. Tyler
IslerDare
Richmond

Thomas E. Ullrich
Wharton Aldhizer & Weaver
Harrisonburg

Roya Vasseghi
Vasseghi Law Group
Fairfax

Amanda M. Weaver
Williams Mullen
Richmond

Cathleen P. Welsh
Flora Pettit
Charlottesville

Burt H. Whitt
Kaufman & Canoles
Norfolk

Jeffrey D. Wilson
Pender & Coward
Virginia Beach

Laura D. Windsor
Williams Mullen
Richmond

Thomas M. Winn III
Woods Rogers
Roanoke

Jaime B. Wisegarver
Hirschler
Richmond

Cher E. Wynkoop
Willcox Savage
Norfolk

Melissa Y. York
Harman Claytor Corrigan & Wellman
Glen Allen

Kristin A. Zech
Berenzweig Leonard
McLean

Read all of the 2024 Virginia Legal Elite here.

Maximus announces feds have backed off $6.6B contract rebid

Editor’s Note: This story has been updated to correct an error in the original version, which incorrectly stated that the contract, not the rebidding process, had been canceled.

Tysons-based , a government contractor specializing in administrative support for and , announced Tuesday that the U.S. Department of Health and Human Services has canceled efforts to rebid the company’s $6.6 billion contract to operate a customer service call center for the Centers for Medicare and Medicaid.

The contract, awarded by the Biden administration to Maximus in 2022 with a one-year base period, included nine one-year option periods until 2031 and covered staffing of the Contact Center Operations call center for CMS programs like 1-800 MEDICARE and the health insurance marketplace.

However, in December 2023, U.S. Department of Health and Human Services Secretary Xavier Becerra and Centers for Medicare & Medicaid Services Administrator Chiquita Brooks-LaSure announced they would send the contract out for rebidding in an apparent response to walkouts by call center workers. The Communications Workers of America union, which had been trying to unionize Maximus’ call center workers, praised the move. U.S. Rep. Rosa DeLauro, D-Connecticut, who had criticized Maximus in 2019 for paying call center workers at low levels for federal grade workers, also expressed happiness that the contract was being re-competed.

On Nov. 1, Maximus announced it had filed a lawsuit in the U.S. Court of Federal Claims, alleging that the CMS has illegally added a “labor harmony” agreement into the rebidding process for the $6.6 billion contract started in the spring, which the company calls “baseless and unlawful” in a news release.

“Despite providing high-quality customer service, exceeding every performance metric and delivering uninterrupted service even during two hurricanes, CMS is taking the unnecessary step of rebidding the contract only two years into the nine-year term with a requirement for a labor harmony agreement,” the company said in its Nov. 1 statement. “This unprecedented move is illegal and improper pursuant to established law, regulation and procurement policy, and may jeopardize future seamless service to the 75 million Americans with Medicare and accessing health insurance through the federal marketplace all while increasing cost to taxpayers.”

The U.S. Health and Human Services’ decision to cancel the rebidding process is a win for the Tysons company.

Maximus has been the prime contractor for the 1-800 MEDICARE and health insurance marketplace contact centers since 2018 and has supported CMS contact centers for more than a decade, starting as a subcontractor to Reston-based . The company, which employed nearly 40,000 people as of 2023, operates 84 contact centers in 28 states and employs more than 20,000 contact center agents. It handles more than 100 million contacts per year, according to a CMS news release. Maximus reported $5.3 billion in revenue for fiscal 2024, up from $4.9 billion from the previous year.

“Maximus employees have consistently demonstrated their ability to successfully manage this critical program providing essential support to more than 75 million eligible Americans who rely on Medicare and the Federal Marketplace. We appreciate the opportunity to continue supporting HHS and CMS in their vital missions and look forward to delivering innovative, high-quality and reliable solutions that benefit the American public,” Maximus President and CEO Bruce Caswell said in a statement Tuesday.

At 4:30 p.m. Tuesday, just after Maximus’ announcement, its stock dropped from $74.99 a share to $66.80, but rebounded to $72.90 a share at closing.

The U.S. Department of Health and Human Services did not respond immediately to a request for comment Tuesday.

Talking turkey: Va. is nation’s sixth largest producer

As we prepare to sit down to a dinner on Thanksgiving, let’s consider where those birds come from and where they’re going.

Virginia raises 7.1% of all U.S. turkeys, or 15.5 million turkeys a year, according to a new study by Trace One using U.S. Department of Agriculture data. That’s 429 million pounds of turkey produced at an average weight of 27.7 pounds per turkey, with a value of $403.5 million annually. Virginia is the sixth largest producer of turkeys in the nation, the November study found.

Also, turkeys bred for food are larger than they were decades ago, and fewer turkeys are raised now; in 1996, U.S. farmers raised 303 million birds, and in 2023, 218 million turkeys were raised nationwide. But turkeys now average 32 pounds per bird, nearly double the average of 18 pounds in the 1960s. That’s due to different nutrition and breeding practices, Trace One researchers say.

Although turkeys are a significant part of Virginia’s industry, the biggest seller is broiler chickens. Farmers in the commonwealth produced 284.5 million broiler chickens in 2021, according to the . Total poultry and egg sales in 2021 produced a direct economic impact of $5.8 billion in Virginia.

More than 85% of U.S. turkey production takes place in 13 states, and North Carolina is the nation’s top producer, accounting for 15.3% of turkeys by weight. North Carolina’s birds are very large on average, at 36.9 pounds per turkey.

, president of the Virginia Poultry Federation, notes that the average weight per bird can be affected by “heavy toms” — male turkeys that can weigh in at 45 pounds or more. “You never get a heavy tom on your Thanksgiving table,” he said, noting that such large birds are used instead for cold cuts. “The traditional Thanksgiving bird that you’re going to have is smaller.”

In 2023, and the United States came to an agreement to reduce India’s on U.S. turkey products, allowing Virginia’s poultry producers to export turkey to India more affordably. On Nov. 12, , a member of the Senate India Caucus, announced the first shipment of Virginia turkey to India via the , whole birds raised by the , the Hinton-based organization of nearly 200 farmers in the . The co-op processes about 7.5 million turkeys a year and offers organic and antibiotic-free products. VPGC produced an organic turkey breast product specifically for the Indian market, according to the co-op.

“This shipment is a tremendous opportunity for Virginia’s poultry producers and a huge step forward for U.S.-India trade,” Warner said in a statement. “As co-chair of the Senate India Caucus, I look forward to the ongoing cooperation between our two nations and to seeing a wealth of new opportunities open up for Virginia’s poultry producers.”

Tariffs are, of course, in the news again as President-elect Donald Trump has vowed to impose 25% tariffs on all goods from Mexico and Canada on “day one” after his Jan. 20, 2025, inauguration as well as an additional 10% tariff on China. However, Trump has not mentioned increasing tariffs on India since his re-election, and he and Indian Prime Minister Narendra Modi have close ties.

Although Virginia ships turkey and other poultry products all over the world, including Africa, Asia, the Middle East, Canada and Mexico, entering the Indian market is “a big deal,” Bauhan said. “The turkey industry is a significant part of Virginia agriculture, directly employing about 4,000 people.”

Bauhan declined to speculate on the impact of new U.S. tariffs on Virginia’s poultry industry or the tightening of immigration regulations (including the likelihood of some immigrants being deported under the Trump administration), but he noted that Virginia’s poultry industry employs “a diversity of workers,” including many immigrants.

“We were one of the early industries to adopt E-Verify,” the federal platform that determines whether a person is able to be legally employed in the United States, Bauhan said. “We’ll continue to do that. Our economy needs immigrants, but we need to have reforms and pass federal legislation that will secure the borders and allow for legal immigration. The system has not been overhauled and addressed in many decades.”

GDIT wins $330M in Army training support contracts

Falls Church federal contractor Information Technology has won two contracts totaling $330 million, the General Dynamics subsidiary announced Tuesday.

The Army Contracting Command – Orlando awarded the task orders to in August as part of the $975 million Mission Complex Capabilities Support II indefinite delivery, indefinite quantity contract.

Under the first task order, worth $180 million, GDIT will train soldiers across the U.S. Army Pacific mission training complexes, where soldiers and units receive simulation training to prepare for deployment. The first task order has a one-year base period with four option years.

For the second task order, valued at $150 million, GDIT will provide training services at the XVIII Airborne Corps mission training complexes. The second task order has a five-year base period and six option months.

“Advanced training capabilities are critical to maintaining warfighter superiority,” Brian Sheridan, GDIT’s senior vice president for defense, said in a statement. “We look forward to continuing our long-standing support to the Army with modern training services that will meet the demands of a constantly evolving battlefield environment.”

Over the course of the programs, GDIT will train more than 500,000 soldiers through live, virtual and constructive environments, providing immersive exercises, according to a news release. The contractor will also provide logistical and technical support.

GDIT is a subsidiary of Reston-based Fortune 500 aerospace and defense contractor General Dynamics, which employs more than 100,000 people worldwide and reported $42.3 billion in 2023 revenue. GDIT has about 30,000 employees across 30 countries.

Unanet acquires D.C. AI firm

Dulles-based company Unanet has acquired Washington, D.C.-based GovPro , Unanet announced Friday.

Unanet did not disclose financial details of the transaction, which it completed in November.

Unanet provides project-based enterprise resource planning and customer relationship management software solutions for government contractors and the architecture, engineering and construction industries. GovPro AI provides AI-powered proposal writing platforms for government contractors.

“Unanet is continuing to deliver on its promise to solve real business challenges for our customers,” Unanet Chief Innovation Officer Steve Karp said in a statement. “In addition to helping customers across the and AEC industries respond to RFPs more efficiently, GovPro AI’s technology and team will accelerate Unanet’s broader AI strategy.”

GovPro AI’s platform creates a first proposal draft for responding to federal requests for proposals. With the platform, government contractors can reduce the average time to create a proposal draft by 70% and can halve proposal generation costs, according to a news release.

Unanet plans to extend the tech into the architecture, engineering and construction market in 2025.

“Being part of the Unanet team means we can advance our innovation and refine the solution features,” GovPro AI founder Alexander Cohen said in a statement. “I’m looking forward to exploring new use cases for customers and continuing to deliver a more efficient, modern way of improving business development.”

With about 375 employees, Unanet has more than 4,000 customers.

United begins building $16M training center in Fairfax County

United Airlines has started construction on a $16 million inflight center in , the county’s authority announced Monday.

The 20,000-square-foot facility near the airline’s hub at , which straddles the Fairfax and lines, is expected to open in 2025.

“We are excited and honored that United has chosen to locate their new, state-of-the-art training facility in Fairfax County,” Victor Hoskins, president and CEO of the , said in a statement. “We look forward to continuing to support United in their growth journey.”

United will train 650 flight attendants a month on safety and service at the center, which will have classrooms, airplane cabin and door trainers and a mock fuselage to practice evacuating aircraft and other emergency situations.

The facility will be the training home for flight attendants in United operations at Washington, D.C., area airports, including , Ronald Reagan Washington National and Baltimore/Washington International Thurgood Marshall airports. United is the D.C. region’s largest carrier by flights and destinations, according to a news release.

“This new training center is yet another step in our long-term investment in our people and our commitment to growth here in the greater Washington region,” John Slater, United’s vice president of inflight services, said in a statement.

United made Dulles Airport a hub nearly 40 years ago. It now has nearly 250 daily flights to about 100 destinations from Dulles, and the airline is set to open a 435,000-square-foot concourse at the airport in 2026.

United also has hubs in Chicago; Denver; Houston; Los Angeles; San Francisco; Newark, New Jersey; and Guam. In January 2023, United opened a 56,000-square-foot inflight training center in Houston.

Carolina Structural Systems to establish Greensville plant

Carolina Structural Systems, a company that manufactures custom trusses and other structural products, will invest $5.5 million and create an estimated 58 jobs in , announced Monday.

Based in North Carolina, plans to construct a 40,000-square-foot facility in the Greensville County Industrial Park in , and it expects to purchase $395,000 in Virginia-grown lumber, according to the governor’s office.

“Carolina Structural Systems’ decision to establish its new manufacturing facility in Greensville County underscores Virginia’s strategic location and excellent transportation network,” Youngkin said in a statement. “Virginia’s pro-business climate and skilled workforce continue to attract out-of-state companies seeking to expand, and this investment is a testament to that.”

Virginia competed with North Carolina and South Carolina for the project, and the Virginia Partnership and Virginia Department of and Customer Services worked with the county and Virginia’s Growth Alliance to secure the project. Youngkin approved a $270,000 Commonwealth Opportunity Fund grant and a $75,000 Agriculture and Forestry Industries Development Fund grant to assist Greensville County. Carolina Structural Systems is eligible for state benefits from the Virginia Enterprise Zone Program, and recruitment and will be provided through the Virginia Jobs Investment Program at no cost to the company.

“Carolina Structural Systems is proud to partner with the Commonwealth of Virginia and Greensville County,” Carolina Structural Systems General Manager Dave Green said in a statement. “This location is strategically located between the growth in the area north of Raleigh, while giving us access to the Richmond market. Once we decided that our company’s growth was going to be in this region, the folks involved with this project made Virginia an easy choice.”

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 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 association.