Rising inventory, longer market times give buyers more time to choose

Virginia sees home sales decline across major markets

Rising inventory, longer market times give buyers more time to choose

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

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.