Virginia sees notable spike in pending home sales in January

Virginia’s housing market kicked off the year with rising buyer activity, expanded inventory and stable home prices, according to a Virginia Realtors report released this week.

According to the report, there were 5,881 homes sold statewide in January, up 2.1% from last year’s 5,758, although down 30.7% from December 2025’s 8,482 sales. The trade association attributed sharp decline from December’s heights to typical seasonal patterns.

There were 6,723 pending sales in January, up 14.4% from last year and up 16.4% from December 2025. The association attributes the surge in pending sales to an increase in seller activity paired with stabilizing rates.

“We saw a notable jump in pending sales this month, which is a strong indicator that more buyers are stepping back into the market,” Virginia Realtors’ Chief Economist Ryan Price said in a statement. “With inventory expanding and mortgage rates holding steady in the low‑6% range throughout January, conditions have improved for buyers. Price growth has softened, days on market are rising and the average sold‑to‑list price ratio just hit a six‑year low — all signs of a market offering more options and breathing room than we’ve seen in recent years.”

Virginia Realtors reports that 48% of city and county markets had more sales to start the year, while 52% had a slowdown in  January. The regions with the largest increase in sales from January 2025 were the New River Valley, the Danville area and Hampton Roads. On the other hand, the sharpest slowdown in sales for January occurred in parts of the Greater Piedmont region, the Lexington/Rockbridge area and the Staunton/Waynesboro market.

The $397,790 statewide median sales price was essentially flat year-over-year, dipping just 0.3% from January 2025.

The association reports an continued upward inventory trend, with 19,207 active listings on the market in January, 9.4% more than January 2024. The state had 10,071 new listings last month, a 6.8% increase from the previous year and a 49.3% increase from December 2025.

“More listings and more buyers are what we want to see as we head toward spring,” Virginia Realtors 2026 President Curt Reichstetter said in a statement. “Realtors across the commonwealth are reporting renewed energy from clients who feel they finally have choices again. This early momentum positions us for a busier, more balanced spring market than we saw last year.”

Based in Glen Allen, Virginia Realtors represents about 34,000 Realtors and is the state’s largest trade association.