Activity Increases in Local Real Estate Market

VIRGINIA BEACH, Va. – For the fourth straight month, the number of settled and pending sales in Hampton Roads has increased month-over-month, while during the same four-month period, active listings have continued to climb, increasing by 14% since January. 

Likewise, settled sales, pending sales, and active listings have also increased year-over-year from April 2024. This according to data from the Real Estate Information Network.

“We’ve seen small increases each month, which is good, since there is some uncertainty in the economy – with jobs and mortgage rates,” said Barbara Wolcott of Berkshire Hathaway Home Services RW Towne Realty and President of REIN’s Board of Directors. “Hopefully in the next couple of months, the additional inventory will help keep selling prices level and attract even more potential buyers.” 

Wolcott said that the number of homes on the market in April (4,980) was at its highest since August 2020, when there were 5,105 homes for sale.

“The next couple of months should be among the busiest of the year. Home sellers are already doing their part, so hopefully home buyers will find plenty of homes to choose from and the added inventory will help keep those selling prices more affordable for them.” 

As a multiple listing service, REIN serves its members by hosting a comprehensive database of listings, technological resources and products, access to training opportunities, and empowers agents via market data, statistics, and reports.

April data points from REIN:

• Active residential listings during April hit 4,980. March totaled 4,541. Active listings were up 29.8% year-over-year, from 3,837 in April 2024.
• Pending sales for the month were 2,597. That’s up from 2,333 in March, and up year-over 1.1% from 2,569 in April 2024.
• Settled sales totaled 2,193, up from 1,992 in March. Settled sales were up ever so slightly (0.2%) from 2,189 year-over-year.
• Median sale price (MSP) of homes sold during April was $350,000. That’s up from $347,500 the month prior, and up 1.74% year-over from $344,000 in April 2024.
• Month’s Supply of Inventory (MSI) for April was 2.44, its highest since May 2020 (2.54). It was 2.23 in March and was 1.87 in April 2024. 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 19, down from 22 in March, but five days higher than 14 in April 2024.
• Residential new construction sold via the MLS during the month was 200. It was 221 in March and 244 in April, 2024.