Virginia sees home sales decline across major markets

Housing inventories climbed across Hampton Roads and Northern Virginia in November, but fewer deals closed as home sales declined across the two regions.

Northern Virginia

The Northern Virginia Association of Realtors reports that 1,091 units were sold in November, a 6.6% decrease from November 2024. Total sales volume was $969,577,300, a 1.6% decrease from last year, which the association says reflects a shift toward mid-priced transactions as buyers adjusted to interest rates. Pending sales increased 0.7% year-over-year to 1,091.

“Northern Virginia is experiencing a meaningful rebalancing,” NVAR CEO Ryan McLaughlin said in a statement. “The market remains competitive, but rising inventory and longer market times are giving consumers more room to consider their choices. That change supports healthier, more sustainable transactions than the highly accelerated pace we saw in recent years.”

NVAR said the median sold price climbed to $740,000, up 5.7% from last year, which it says underscores “continued desirability of Northern Virginia’s communities.”

Months of supply of inventory (MSI) in November — a measure of how many months homes would remain on the market if no new inventory were added — was 1.48, up 41.2% compared with November 2024.

Active listings jumped 45.1% year-over-year, with 2,042 listings in November.

Homes took longer to sell in November, with an average 29 days on the market — up 31.8% from November 2024. The association said the return to a more normal sales cadence “signals a balancing environment after several years of ultra-fast turnover.

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 increase year-over-year but pending and settled sales both declined in November.

Hampton Roads saw 1,774 sales in November, down from 2,099 in October and down 6.6% from 1,889 in November 2024. Active residential listings declined to 5,179 from 5,571 in October, but were up 13.5% year-over-year from 4,565 in November 2024.

MSI for November in Hampton Roads was 2.51, down from 2.68 in October, but up year-over-year from 2.23 in November 2024.

“Inventory across Hampton Roads remains higher than it was at this time last year, giving buyers a wider selection of homes than they had in November 2024,” said Barbara Wolcott with Berkshire Hathaway HomeServices RW Towne Realty and president of REIN’s board in a statement. “Month-to-month changes reflect the typical seasonal patterns we expect as the market moves into the winter months.”

The median sale price for November was $367,000, up from $362,000 in October and up 4.9% from $350,000 in November 2024.

November’s pending sales for the month stood at 1,849, down from 2,162 in October, but up 9.2% from 1,693 in November 2024.

Hampton Roads homes spent a median of 31 days on the market compared to 30 in October and 27 in November 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.