Hampton Roads Market Robust During April

VIRGINIA BEACH, Va. – The real estate market for April proved to be a robust one across the Hampton Roads region, despite stubbornly high mortgage rates.

According to data compiled by the Real Estate Information Network (REIN), not only were pending and settled sales up both month-over-month and year-over-year, but inventory continues to increase as well, with the number of active and new listings increasing when compared to March and to April 2023.

“The combination of increased sales and increased inventory is a positive development for the local market,” said Gary Lundholm of The Real Estate Group and President of REIN’s Board of Directors. “When there are more homes on the market, buyers are much more likely to find a home that is right for their family’s needs.”

Despite rising inventory, Lundholm pointed out that the Median Sales Price (MSP) for the month hit $344,000 – the second-highest monthly number on record for the region.

“Even though mortgage rates remain around seven percent, consumers are willing to spend what they need to spend in order to get the home they want,” he said. “Likewise, our member agents are doing a great job helping their clients find the perfect home for their families.”

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

April data points from REIN:

• Active residential listings for the month were 3,837, up when compared to 3,574 in March and up from 3,156 in April 2023.
• Pending sales for the month were 2,569, up when compared to 2,317 in March and up from 2,363 in April 2023.
• Settled sales for the month were 2,189, up from 2,057 in March and up from 2,053 in April 2023.
• Median sale price (MSP) of homes sold during April was $344,000. That’s the second highest monthly MSP on record in the region. The MSP was $332,000 in March and $320,000 in April 2023.
• Month’s Supply of Inventory (MSI) for the month was 1.87, compared to 1.75 in March and 1.32 in April 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 14, down from 18 in March. The median DOM for April 2023 was 12.
• Residential new construction sold via the MLS during the month totaled 245, matching 245 in March, and up from 213 in April 2023.