Virginia homes staying on market longer

Homes spent longer on the market in Hampton Roads, Northern Virginia and Central Virginia in January compared to a year earlier, according to reports from the state’s real estate organizations.

Meanwhile, residential sales declined in Northern Virginia, but Hampton Roads saw an increase in closed sales year-over-year and Central Virginia stayed flat.

“Even with fewer closings this January, the underlying market remains resilient,” Ryan McLaughlin, CEO of the Northern Virginia Association of Realtors (NVAR), said in a statement. “Home values are supported by strong local employment, household incomes and sustained demand.”

Hampton Roads

According to the Real Estate Information Network (REIN), Hampton Roads had 1,576 closed sales in January, down from 2,142 in December 2025 but up 13.1% from the same month last year.

January’s pending sales for the month stood at 1,919, up from 1,839 in December 2025. Pending sales were up 15.1% from January 2025.

“Pending sales are typically seen as a key indicator for the market and can help predict future sales, so it’s good to see those numbers so strong,” REIN’s board President John Chandler, of Berkshire Hathaway HomeServices RW Towne Property Management, said in a statement.

The median sale price for January was $355,170, down from $360,000 in December 2025 but up about 4.5% compared with $340,000 the same month the previous year.

“While January’s median selling price was down when compared with December, it was up year over year and remains healthy and resilient,” Chandler stated.

Hampton Roads homes spent a median of 41 days on the market compared with 35 in December 2025 and 27 in January 2025.

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

Northern Virginia

NVAR reported that 786 homes closed in January, a 5.6% decrease from January 2025. Total sales volume for last month was $666,125,607, a 4.6% decrease from last year, which the association credits to buyers moving with greater caution about affordability and financing.

“Buyers are taking a more deliberate approach,” McLaughlin said in a statement. “They are evaluating affordability, weighing trade-offs and seeking guidance. That can moderate the pace of closings, but it also leads to more informed decisions and a healthier marketplace overall.”

Pending sales increased 7.3% year-over-year to 1,001. NVAR said the median sold price for January was $675,000, a 1.5% decrease from last year. NVAR states that the dip is the result of the market adjusting after several years of rapid appreciation.

Months of supply of inventory (MSI) in January — a measure of how many months homes would remain on the market if no new inventory were added — was 1.1, up 19.9% compared with January 2025.

Active listings rose 21.1% year-over-year, with 1,526 listings in January 2026.

Homes took longer to sell in January, with an average 42 days on the market — up 35.5% from January 2025.

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.

Central Virginia

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

In the region that covers the cities of Richmond, Hopewell, Petersburg and Colonial Heights and the counties of Amelia, Chesterfield, Dinwiddie, Goochland, Hanover, Henrico, Powhatan, Prince George, Charles City, New Kent, King William and King and Queen, there were 746 closed single-family home sales in January, down one home from January 2025.

For condo/townhomes, there were 167 closed sales, a 14.4% increase from January 2025’s 146.

Pending sales for single-family homes increased 27.7% year-over-year from 828 in January 2025 to 1,057 in January 2026. For condo/townhomes, there were 222 pending sales last month — a 12.7% increase from January 2025.

Single-family homes spent an average of 37 days on the market in January —up from 33 days the previous year. Meanwhile, condo/townhomes spent 49 days on the market, up from 41 days reported in January 2025.

The median sales price for single-family homes was $395,000 in January of this year compared to $390,000 in January 2025. The median sales price for condo/townhomes increased 7.6% from $346,085 in January 2025 to $372,500 this year.

New listings for single-family homes in January totaled 1,154, a 4.2% year over year drop from 1,204 new listings in January 2025, while the number of new listings for condo/townhome units for sale totaled 325, an 11.3% increase from January 2025’s 292 new listings.