2025 Election Results: Dems Point to Big Wins

November 10, 2025 

This year’s elections were what political watchers call an “off-year”: only a few gubernatorial and state legislative races were on the ballot. Democrats won key races and issues in New Jersey, Virginia, and California.

Why it matters: While there were not any surprises on who won, the margins and enthusiasm provide another public sentiment marker in the lead up to the 2026 midterms.: 

  • In Virginia, former U.S. Representative Abigail Spanberger (D) flipped the governor’s seat from Republican to Democrat. 
  • Abigail Spanberger’s victory was striking both for its 14-point margin (57–43) and for her strong performance among rural voters. This is a group that has largely drifted from Democrats in recent years. Spanberger outperformed Kamala Harris in almost every rural area and won 46% of rural voters, cutting the GOP edge to just 8 points — a 19-point improvement over Democrat Terry McAuliffe’s 2021 showing.

Source: Politico

In New Jersey, Congresswoman Mikie Sherrill (D) held the governorship for her party in a decisive victory. Her victory marks the first time New Jersey has elected a governor from the same party three terms in a row.

Why it matters: 

  • These wins were expected in both states, however the margin of victory was larger than expected. Spanberger and Sherrill each won by a nearly 14 point margin. Late polling in the New Jersey race put the GOP candidate within a few points of winning. 
  • The races in both states were much closer just four years ago, with Gov. Youngkin (R-VA) winning in 2021 by 2 points, and Gov. Phil Murphy (D-NJ) winning the same year by 3 points.

NYC Mayoral Race: 

  • In New York, Zohran Mamdani won the mayoral race defeating his main challenger former Governor Andrew Cuomo. His win has ignited strong opinions from both sides of the aisle.
  • Mamdani’s rise as a self-declared Democratic socialist and upset win in the Democratic nomination this summer worried some moderates and business leaders.
  • Mamdani’s campaign centered on affordability, housing reform, and reshaping city government, driven by grassroots energy and high youth turnout. 
  • Mamdani won 78% of voters under 30 and 66% of those aged 30–44, according to exit polls. Notably, newer residents were among his strongest supporters as some 81% of voters who’ve have lived in New York City less than a decade backed him. Source: ABC News

California Proposition 50 

A major ballot measure in California, Proposition 50, passed, giving the Democratic-controlled legislature greater leeway in drawing congressional maps. 

  • This is in direct response to Texas redrawing its maps earlier this year to include five more GOP seats. 
  • California is poised to draw in five more Dem leaning seats to offset those GOP gains in Texas.

Other noteworthy races:

  • In Pennsylvania, Democrats held judicial seats, flipped a state Senate district, and maintained a slim House majority. 
  • In Georgia, Democrats won two statewide Public Service Commission races — their first statewide victories since 2006 — signaling voter pushback on energy costs.
  • In Mississippi, Democrats broke the GOP’s long-held supermajority by flipping two Senate seats, marking a meaningful political shift even in a deep-red state.

Please contact James Montfort (jmontfort@crefc.org) with questions. 

Contact  

James Montfort
Manager,
Government Relations
202.448.0857
jmontfort@crefc.org
The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2025 CRE Finance Council. All rights reserved.

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