Local Real Estate Market Home Supply Strong

VIRGINIA BEACH, Va. – During the month of March in Hampton Roads, inventory was at its highest level in more than five years for that month, which leads the way into the spring buying season.

Data from the Real Estate Information Network (REIN) shows that there were nearly 22% more homes (4,541) on the market last month than there were in March 2021, when there were just 3,552. Likewise, in March 2022 there were 2,794; March 2023 there were 3,124; and in March 2024 there were 3,547 active listings.

“One of the challenges for potential homebuyers in recent years has been a lack of homes to choose from, so it’s nice to have the additional inventory in March,” said Barbara Wolcott of Berkshire Hathaway Home Services RW Towne Realty and President of REIN’s Board of Directors. “Another positive factor for the spring buying season is that mortgage rates appear to have leveled off and have decreased when compared to the same time last year.”

Wolcott said that with home selling prices still increasing, lower mortgage rates are very helpful for buyers.

“Our median selling price is up almost 5% from last March, so for potential home buyers, a lower mortgage rate can mean the difference between getting a home and missing out.”

A Multiple Listing Service, REIN benefits consumers by providing up-to-date market data and statistics, and by providing a centralized platform that delivers equal access to listings for all potential home buyers and home sellers.

March data points from REIN:

• Active residential listings during March totaled 4,541. That’s up from 4,340 in February, and up 27% from 3,574 year-over-year when compared to March 2024.
• Pending sales for the month were 2,333. That’s up from 1,875 in February, and up 5.14% year-over-year from 2,219.
• Settled sales totaled 1,992, up from 1,551 in February, but down 3.16% from 2,057 in March 2024.
• Median sale price (MSP) of homes sold during March was $347,500. That’s up from $345,000 in February, and up 4.67% year-over-year from $332,000 in March 2024.
• Month’s Supply of Inventory (MSI) for the month was 2.23, compared to 2.12 in February and 1.75 in March 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 22, down from 28 in February, but up four days from 18 in March 2024.
• Residential new construction sold via the MLS during the month was 221. It was 168 in February and 246 in March 2024.