Home Prices Continue to Climb

VIRGINIA BEACH, Va. – The median sales price (MSP) of homes across the Hampton Roads region continued to rise during June and for the second straight month, the MSP hit an all-time high. June’s MSP of $360,000 was a 2.15% increase from $352,392 recorded in May, and a one-year increase of 4.3% from $345,000 during June 2023.

“Home prices in our region have been rising, as they have been in much of the nation,” said Gary Lundholm of The Real Estate Group and President of the Board of Directors for the Real Estate Information Network (REIN). “Fortunately for homebuyers, our MSP is still below the statewide average and inventory also continues to increase, which can have a positive impact on prices.”

Lundholm said that selling prices tend to go up during the summer months as more buyers compete for a limited number of homes. “Although we are seeing an increase in the number of homes for sale when looking at the last three years, if you compare June 2024 to June 2019 when there were 9,308 homes on the market, you can see that the competition is often much more concentrated since there are about half as many properties.”

Lundholm added that prices and competition highlight the need for buyers to use a real estate agent.

“When you need to act quickly and negotiate wisely, no one can assist a buyer better than a professional real estate agent,” he said.

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

June data points from REIN:

• Active residential listings for June totaled 4,380, compared to 4,264 in May and 3,366 in June 2023.
• Pending sales for June were 2,215, compared to 2,546 in May and 2,394 in June 2023.
• Settled sales for June totaled 2,355, down slightly from 2,498 in May, and down from 2,666 in June 2023.
• Median sale price (MSP) of homes sold in June was $360,000, compared to $352,392 in May and $345,000 in June 2023.
• Month’s Supply of Inventory (MSI) for the month was 2.16, compared to 2.07 in May and 1.47 in June 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 16, compared to 15 in May and 11 in June 2023.
• Residential new construction sold via the MLS during June was 282, compared to 253 in May and 257 in June 2023.