Hampton Roads Buyers See Expanded Inventory

VIRGINIA BEACH, Va. – Homebuyers across Hampton Roads had more options in November than they did a year ago, even as active listings declined slightly from October’s levels. According to data from the Real Estate Information Network (REIN)—the multiple listing service for Hampton Roads—year-over-year, inventory growth continues to increase the variety of homes available to buyers.

“Inventory across Hampton Roads remains higher than it was at this time last year, giving buyers a wider selection of homes than they had in November 2024,” said Barbara Wolcott, Chairman and Principal Broker for Berkshire Hathaway HomeServices RW Towne Realty and President of REIN’s Board of Directors. “Month-to-month changes reflect the typical seasonal patterns we expect as the market moves into the winter months.”

Pending sales rose year-over-year as well, reflecting continued buyer demand heading into the winter season. Closed sales showed mixed performance across the region: while most major communities saw year-over-year declines, Virginia Beach, Chesapeake, Smithfield/Isle of Wight, and Gloucester all reported slight increases. Hampton experienced the most significant decrease among the seven major cities, with settled sales down 22.8% compared to November 2024.

REIN is the leading provider of real estate data in Hampton Roads, with offices in Hampton, Virginia Beach, and Portsmouth.

November data points from REIN:

• Active residential listings totaled 5,179 during November, down from 5,571 in October but up 13.5% year-over-year from 4,565 in November 2024.
• Pending sales for the month stood at 1,849. That’s down from 2,162 in October, but up 9.2% year-over-year from 1,693 in November 2024.
• Settled sales totaled 1,774 for November, down from 2,099 in October and down 6.6% from 1,889 in November 2024.
• Median sale price (MSP) of homes sold during the month was $367,000, up from $362,000 during October and up 4.9% from $350,000 in November 2024.
• Month’s Supply of Inventory (MSI) for November was 2.51. That’s down from 2.68 in October, but up year-over-year from 2.23 in November 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 31, compared to 30 in October and 27 in November 2024.
• Residential new construction sold via the MLS during the month was 185, down from 187 in October and down from 192 in November 2024. This represents only new homes sold via REIN MLS.