Could the region finally see a stop to ever increasing home prices? September statistics show that it’s possible the tide is turning and that prices will finally cool after more than six years of consistent price growth. September of 2025 saw prices dip across the region for the first time since April of 2023. The median sold price settled at $462,500 this month compared to $472,000 in September of 2024, representing a small 2% year-over-year decline. Despite the decline in median price, total sold dollar volume was still up 1% with approximately $234.7 million in transactions posting this September compared with approximately $232.3 million last year.
While the regional median price drop this September is notable as only the second month since early 2019 that the market has seen any price drops, the decreases were not evenly distributed across all jurisdictions. Only Orange and Spotsylvania counties saw price dips while all other counties saw year-over-year price growth. Caroline County notably experienced its highest median price point ever at $405,000, a 13% increase in price from last September.
Days on market, the time it takes from when a listing enters the market until it receives a ratified contract and is removed from active status on the multiple listing service, increased 21% up to 41 days this September compared to 34 days last year.
Inventory continued to grow in September, finishing out the month with 1,333 active listings compared to 917 last year, a 45% increase. New listings were up more than 11% from last year with 529 homes coming on the market in September of 2024 compared to 586 this past month. New pending sales were down 6%, with 448 pending contracts compared to 477 last September.
FAAR Board of Director Phillip Blake comments, “September continued August’s trend with signs of a normal fall market. Increasing inventory has given buyers more options, allowing them to search patiently while negotiating contingencies that offer them protection as they perform their due diligence. We continued to see sellers offering price improvements, as well as seller paid concessions. There seems to have been an increase in buyer activity toward the end of September coinciding with lower interest rates. All in all, September continued a welcoming trend towards normalcy returning to our market.”
