Local Real Estate Market Sees Increases

VIRGINIA BEACH, Va. – For the second straight month, the median selling price (MSP) of homes sold across Hampton Roads hit a record high, with the number of homes sold increasing month-over-month and year-over-year.

“Most of our data points were up in June compared to both the month prior and the year prior,” said Barbara Wolcott of Berkshire Hathaway Home Services RW Towne Realty and Board President of the Real Estate Information Network (REIN). “There are significantly more homes for sale now than there have been for quite some time, and interest rates seem to be keeping buyers interested.”

According to REIN data, the number of homes closed during June was up slightly from May, and up 8% when compared to June 2024. The MSP of homes sold – the selling price of the home in the very middle of the pack – reached its highest point ever at $375,000. That represents a 4.2% increase from the same month last year.

Wolcott said that in addition to settled sales and the MSP, the region also saw year-over-year increases in pending sales and active residential listings.

“Active listings were up 24% on the Southside and 29% on the Peninsula,” she said. “Despite the increase in the number of homes sold, we have more inventory for buyers to choose from than we have had in quite some time.”

REIN is a regional multiple listing service, serving members located in 15 cities and counties, with offices in Virginia Beach, Hampton, and Portsmouth.

June data points from REIN:

• Active residential listings during June rose to 5,437. That’s up from 5,276 in May, and up 24% year-over-year from 4,380 in June 2024.
• Pending sales for the month were 2,468. That’s down slightly from 2,582 in May, but up 15% year-over-year from 2,145 in June 2024.
• Settled sales totaled 2,541. That’s up from 2,445 in May and up 8% year-over-year from 2,355 in June 2024.
• Median sale price (MSP) of homes sold during June was $375,000. That’s another record high. In May the MSP was $368,900. Year-over-year the MSP rose 4.2% from $360,000 in June 2024.
• Month’s Supply of Inventory (MSI) for June was 2.65. That’s up from 2.59 the month prior and up from 2.16 in June 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 18, as it was last month. It was 16 in June 2024.
• Residential new construction sold via the MLS during June was 260, up from 224 in May and down year-over-year from 283 in June 2024.