2023 End Of Year Statistics

As 2023 quickly comes to a close, there’s no better time to reflect on how far the market has come. Despite navigating a dynamic economy, the Hampton Roads housing market remains resilient, making the region an appealing option to both buyers and sellers seeking favorable market conditions. 

Let’s take a look at a few key statistics that defined the market in Hampton Roads this year.

After a slow start to the beginning of the year, Q2 and beyond saw a steady increase in the number of active residential listings. November saw 3,980 active listings, up 0.3% month-over-month and up 3.03% year-over-year. The month’s supply of inventory currently sits at 1.91, which is up by 35% compared to 2022. Positive changes in inventory coupled with a dip in mortgage rates, could be a hopeful sign for buyers heading into the 2024 housing market.

Pending residential sales averaged 2,224 listings per month, down 18% year-over-year. The number of sold residential listings sits at 1,690 for the month of November – down 10% month-over-month and down 12% year-over-year. The median sales price currently sits at $330,000 – a significant increase compared to where we were this time last year at $302,000. The median days on market for November was 19 – a slight decrease of 5% compared to 2022, which was 20.

Sellers have enjoyed a market in their favor, witnessing remarkable highs in home prices, and buyers have found encouragement in the increasing inventory. As you guide your buyers and sellers into what 2024 might bring, REIN will continue to equip you with the data and tools you need to be successful in the year ahead.