More Options for Buyers as Summer Winds Down

VIRGINIA BEACH, Va. – The number of homes for sale in Hampton Roads during the month of August increased to its highest level in five years, according to new data from the Real Estate Information Network (REIN).

“Buyers have more homes to choose from than any month since June 2020, when there were 5,845 homes listed for sale in REIN’s database,” said Barbara Wolcott of Berkshire Hathaway Home Services RW Towne Realty and Board President of REIN’s Board of Directors. “Mortgage rates are at a 10-month low, which is also good for potential buyers.”

Wolcott said that Freddie Mac (The Federal Home Loan Mortgage Corporation) recently reported that rates are currently at their lowest point of 2025.

Pending sales were up by 173 year-over-year, settled sales were down 1.7% (-39), and the median selling price of $370,000 was also up year-over-year (by $19,380 or 5.5%).

Of the large cities, Suffolk saw the largest year-over-year increase in active listings with a jump of 18.9% (from 512 to 609). Norfolk also saw a significant rise (18.6%) in active listings (from 562 to 667). Of the communities with 100 closings or more, Chesapeake had the highest MSP, $425,000, a year-over-year increase of 3.4%.

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

August data points from REIN:

• Active residential listings during August rose to 5,709. That’s up from 5,437 in July and up almost 19% from 4,811 in August 2024.
• Pending sales for the month were 2,212. That’s down from 2,457 in July, but up slightly from 2,039 in August 2024.
• Settled sales totaled 2,243. That’s down from 2,528 in July, and down by 39 sales from 2,282 in August 2024.
• Median sale price (MSP) of homes sold during August was $370,000, compared to $368,250 in July. Year-over-year the MSP increased 5.6% from $350,250 in August 2024.
• Month’s Supply of Inventory (MSI) for August was 2.77, up from 2.74 in July, and up year-over-year from 2.38 in August 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 25, up from 22 in July and up by four days from 21 in August 2024.
• Residential new construction sold via the MLS during August was 201, down from 210 in July and down year-over-year from 227 in August 2024.