Active Listings and Record High Median Sales Price

VIRGINIA BEACH, Va. – During the month of May, the number of homes for sale in the Hampton Roads market continued its climb, as did prices for the homes being sold.

According to data from the Real Estate Information Network (REIN), the multiple listing service in Hampton Roads, for the first time since October 2022, the number of homes listed in the MLS topped 4,000. Likewise, the Median Sales Price (MSP) of homes sold across the region hit a new all-time high for a single month, reaching $352,392.

“You have to go back to September 2021 when there were 4,425 homes listed to find this much selection available for buyers,” said Gary Lundholm of The Real Estate Group and President of REIN’s Board of Directors. “As a matter of fact, the number of homes listed in the MLS has increased year-over-year by nearly 33%.”

Lundholm said that while many things factor into the selling price of homes, the high MSP – while good for home sellers – is somewhat concerning for potential home buyers.

“Obviously, when prices grow at this rate it becomes challenging for many potential buyers, whose income isn’t keeping pace with the other increases they’re facing. Ensuring there is enough available, and enough affordable housing for everyone is a concern for us all,” he said.

The MSP in May 2023 was $335,000 on the exact same number of homes sold, which was 2,498 for both May 2024 and May 2023.

REIN has nearly 9,000 members and is the leading provider of real estate data in Hampton Roads.

May data points from REIN:

• Active residential listings for May totaled 4,264. That’s up from 3,837 in April and up from 3,217 last May.
• Pending sales for May were 2,546. That’s down slightly from 2,569 in April and down from 2,856 in May 2023.
• Settled sales for May totaled 2,498, up from 2,189 in April and matching the number of closings for May 2023.
• Median sale price (MSP) of homes sold in May was an all-time high of $352,392. That’s up 3.6% from $340,000 in April and up 5.2% from $335,000 in May 2023.
• Month’s Supply of Inventory (MSI) for the month was 2.07, up from 1.87 in April and up from 1.37 in May 2023. 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 15, compared to 14 in April and 11 in May 2023.
• Residential new construction sold via the MLS during May was 253, compared to 245 in April and 251 in May 2023.