Region’s Market Activity Up Over February 2025

VIRGINIA BEACH, Va. – February’s data from the Real Estate Information Network (REIN) shows both pending sales and settled sales up month-over-month and year-over-year. The median selling price (MSP) was also up from last year, as was the number of homes listed for sale across the Hampton Roads region.

“It’s a good sign to see the real estate market up over last year,” said John Chandler of Berkshire Hathaway HomeServices RW Towne Property Management and the President of REIN's Board of Directors for 2026. “While agents are certainly working hard to serve their clients, lower mortgage rates make purchasing a home much more attractive for prospective buyers.”

Chandler said that according to Freddie Mac, last week the national average for 30-year fixed-rate mortgages dropped below 6% for the first time in three-and-a-half years.

Of the seven major cities in Hampton Roads, on the Southside, Chesapeake saw a year-over-year increase in settled sales of 10.26%, with 258 units sold, while Virginia Beach recorded a 9% increase from February 2025 with 384 units sold.

On the Peninsula, Newport News, with 157 units sold, recorded a year-over-year increase of 24.6% while the number of closings in Hampton totaled 130, an increase of 14%.

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

February data points from REIN:

• Active residential listings for February totaled 4,499, up 3.66% year-over-year. In January there were 4,528 active listings and in February 2025 there were 4,340.
• Pending sales for the month stood at 1,988, up 12.06% year-over-year. In January there were 1,919 and in February 2025 there were 1,774.
• Settled sales totaled 1,600. That’s up from 1,576 in January, and up 3.16% from 1,551 in February 2025.
• Median sale price (MSP) of homes sold during the month was $355,000. It was $355,170 in January and $346,000 in February 2025.
• Month’s Supply of Inventory (MSI) for February was 2.14. It was 2.16 in January and 2.12 in February 2025. 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 30, down from 41 days in January and up from 28 in February of last year.
• Residential new construction sold via the MLS during the month was 161. It was 213 in January and 168 last February. This represents only new homes sold via REIN MLS.