More homes on market give buyers in Virginia major markets options

Inventory grew year-over-year in Northern Virginia, Central Virginia and Hampton Roads in October, providing home buyers with more options.

Northern Virginia

The Northern Virginia Association of Realtors reports that there were 1,427 homes sold in October, a 7.5% increase over October 2024. The total sales volume was $1.3 billion, a 16.5% increase compared with October of last year. Pending sales increased by .08% year-over-year to 1,352.

“The growth we’re seeing in both sales and dollar volume is a sign of steady confidence in Northern Virginia real estate,” NVAR CEO Ryan McLaughlin said in a news release. “Even as buyers adjust to mortgage rates hovering around six percent, the fundamentals of our market — strong employment, desirable communities, and economic diversity — remain incredibly solid.”

The association says the median sales price rose to $750,000, up 4.9% from last year, which the association says underscores “continued buyer demand for well-priced, move-in-ready homes across the region.”

The association reported active listings jumping 42.2% year-over-year, with 2,562 properties listed in October.

Homes spent an average of 27 days on the market, up 42.1% from last year, which the association calls “another indicator of returning balance.”

The immediate impact on housing from the federal government shutdown, which began Oct. 1, has been limited, according to the association.

“While we’re monitoring how the shutdown may affect buyer confidence and transaction timelines, Northern Virginia’s housing market remains steady,” McLaughlin stated. “Northern Virginia’s strong base of public- and private-sector employers can help mitigate some of the short-term effects that often accompany a federal shutdown.”

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

According to the Real Estate Information Network (REIN), Hampton Roads saw active listings, median selling prices and pending sales increase year-over-year in October.

Hampton Roads saw 2,099 closed sales in October, down less than 1% year-over-year.

In October, 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 — was 2.68, up from 2.35 during October 2024.

Active residential listings rose to 5,571 from 5,472 in September and up 16.9% year-over-year from 4,765 during October 2024.

“An ample supply of homes presently on the market provide today’s buyers with an array of choices,“ said Barbara Wolcott with Berkshire Hathaway HomeServices RW Towne Realty and president of REIN’s board. “The combination of increased supply and lower mortgage rates gives buyers significant incentive to act quickly.”

The median selling price for October was $362,000, down from $365,000 in September but a 2.26% increase year-over-year.

October’s pending sales stood at 2,162, down from 2,270 in September, but up 4.3% from 2,072 in October 2024.

Homes spent a median of 30 days on the market in October, up from 27 days in both September and October 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

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

In the region, there were 1,344 closed single-family home sales in October, down 2.5% from the 1,379 sold at the same point in 2024. For condo/townhomes, there were 266 sales, up 0.4% from October 2024’s 265.

Pending sales for single-family homes increased 10.6% year-over-year from 1,316 in October 2024 to 1,456 in October 2025. For condo/townhomes, there were 245 pending sales last month — a 9.9% increase from October 2024.

Single-family homes spent 31 days on the market in October —up from the 30 days on the market the previous year. Meanwhile, condo/townhomes spent 39 days on the market, up from the 37 reported in October 2024.

The median sales price for single-family homes was $415,000 in October of this year compared to $391,692 in October 2024. But the median sales price for condo/townhomes dipped .04%, from $372,000 in October 2024 to $370,345 this year.

Single-family homes for sale in October totaled 2,974, a 3.8% year-over-year rise from 2,864 homes, while the number of condo/townhome units for sale totaled 788, a 24.1% rise from October 2024’s 635 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.