Active Listings Increase on the Local Market

March 2024 Real Estate Market Update

VIRGINIA BEACH, Va. – The number of homes for sale locally, as well as the price consumers paid for homes, was up in March compared to the month prior, while the number of days those homes were on the market decreased. 

The most recent data from the Real Estate Information Network (REIN), the multiple listing service serving Hampton Roads, shows 3,574 homes were listed for sale during March 2024, the highest number of active listings for that month since March 2020.  

“More inventory means more choices for consumers, which is a good thing,” said Gary Lundholm of The Real Estate Group and President of REIN’s Board of Directors. “And as we head into spring and summer, having that additional inventory will hopefully help keep prices more affordable for buyers, while still ensuring home sellers get a fair return.” 

Lundholm said that active listings for March 2023 were 3,124, while for March 2022 they were 2,794 and for March 2021 they totaled 3,552. However, he added, in March 2020 there were 6,820 homes for sale. 

“Likewise, the median selling price for homes in March 2020 was $249,900,” he said. “While that market was very different from today’s market, more choices for a buyer means that not only does that buyer have a better chance of finding the right home, but they might also have a bit less competition for the home they want.” 

REIN has more than 9,000 members and is the leading provider of real estate data in Hampton Roads.

March data points from REIN:

  • Active residential listings for March totaled 3,574, up slightly from 3,568 in February, and up 14.4% year-over-year from 3,124 in March 2023. 
  • Pending sales totaled 2,317, up month-over-month from 2,138 in February, but down year-over-year from 2,454 in March 2023. 
  • Settled sales for March were 2,057. That’s up from 1,709 in February and down from 2,277 in March 2023. 
  • Median sale price (MSP) of homes sold during March was $332,000, compared to $327,500 in February, and $320,000 during the same month last year. 
  • Month’s Supply of Inventory (MSI) for the month was 1.75, up slightly from 1.73 the month prior, and up from 1.27 in March 2023. MSI is a calculation of how many months there would be homes on the market if no new inventory was added.
  • Median days on market (DOM) for the month was 18, down from 22 in February. The median DOM for March 2023 was 15. 
  • Residential new construction sold via the MLS during the month was 245, compared to 200 last month and 296 last year.