After multiple years of heated new construction activity following the pandemic, the multifamily market in Virginia is experiencing a slowdown in deliveries. Multifamily deliveries have shown signs of cooling over the last couple quarters. 3,908 multifamily units were delivered in the third quarter of 2025, which was about 38% fewer deliveries compared to the same time last year. The majority of this decline came from a slowdown in deliveries of mid- to high-rise multifamily units. Let’s take a look at key trends from Virginia’s multifamily market across different metro areas that are expected to have long-term impact on rental market trends.
- Five out of nine metro areas in Virginia saw a decline in multifamily deliveries over the past year.
Most larger markets in Virginia saw a slowdown in the number of multifamily housing units delivered over the past year. Roanoke, Blacksburg, Winchester, and Harrisonburg metros saw an uptick in multifamily deliveries, all of which had no units delivered in Q3 2024. Hampton Roads saw the steepest decline in multifamily unit deliveries over the last year, going down almost 90%. This was followed by Northern Virginia, Richmond, and Charlottesville, while Lynchburg saw no multifamily deliveries in Q3 2025.
- Just four out of nine Virginia metros had garden low-rise multifamily units delivered in the third quarter of 2025.
There were 577 deliveries of low-rise units in Virginia, going down a little over 21% in Q3 2025. Blacksburg saw 103 low-rise multifamily unit deliveries in the third quarter, after seeing no deliveries for four prior quarters. Northern Virginia also saw an increase in low-rise unit deliveries, while Hampton Roads and Richmond metro areas experienced a decline.
- Six out of nine metros in Virginia had fewer or no mid-to-high-rise units delivered in Q3 2025.
Mid-to-high-rise multifamily units saw deliveries go down by almost half of what they were last year in the third quarter of 2025. Hampton Roads, Lynchburg, and Blacksburg saw no mid-to-high-rise apartment units delivered in the third quarter. Roanoke, Winchester, and Harrisonburg saw an uptick in deliveries, after having no units delivered in Q3 2024. Northern Virginia saw the sharpest decline in number of mid-to-high-rise units delivered, followed by Richmond and Charlottesville.
For more information on housing, demographic and economic trends in Virginia, be sure to check out Virginia REALTORS® other Economic Insights blogs and our Data page.
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