Virginia Housing Market Sees Surge in Pending Sales to Start 2026

Virginia’s housing market opened 2026 with renewed momentum, as pending sales posted a significant increase in January amid stabilizing mortgage rates and expanding inventory.

According to the January 2026 Virginia Home Sales Report released by the Virginia Association of REALTORS® (VAR), buyer activity picked up notably at the start of the year, signaling stronger movement heading into the spring market.

Statewide, 5,881 homes were sold in January, representing a 2.1% increase compared to January 2025. While sales rose modestly, pending sales — a forward-looking indicator of future closings — jumped 14.4%, an increase of 844 transactions over last year.

“We saw a notable jump in pending sales this month, which is a strong indicator that more buyers are stepping back into the market,” said VAR Chief Economist Ryan Price. “With inventory expanding and mortgage rates holding steady in the low 6% range throughout January, conditions have improved for buyers.”

Mortgage rates hovering in the low 6% range throughout the month helped support activity, while increasing supply gave buyers more options than they have seen in recent years.

Active listings reached 19,207 statewide in January — up 9.4% from a year ago — continuing an upward inventory trend. Additionally, 10,071 new listings hit the market last month, nearly 7% more than in January 2025.

Price growth showed signs of stabilizing. The statewide median sales price dipped slightly by 0.3% compared to last year, remaining essentially flat overall. Other indicators also point to a more balanced market: days on market are increasing, and the average sold-to-list price ratio fell to a six-year low.

“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,” Price said.

VAR President Curt Reichstetter said REALTORS® across the Commonwealth are reporting renewed confidence among both buyers and sellers.

“More listings and more buyers are what we want to see as we head toward spring,” Reichstetter said. “Clients feel they finally have choices again. This early momentum positions us for a busier, more balanced spring market than we saw last year.”

With improved inventory levels and steady rates, January’s data suggests Virginia’s housing market may be shifting toward greater equilibrium after several years of tight supply and rapid price growth.

The full January 2026 Virginia Home Sales Report is available at virginiarealtors.org.