Local Real Estate Market Improves Year-Over

VIRGINIA BEACH, Va. – The Hampton Roads real estate market for November showed improvements when compared to November 2023, likely due to lower mortgage rates and increased selection.

Compared to the same month last year, data from the Real Estate Information Network (REIN) shows that inventory had increased, and pending sales were up, as were settled sales. Likewise, the median sales price (MSP) was up 6% and the median number of days homes were on the market also rose.

“The year-over-year improvements are encouraging, and while November’s numbers were down from October, in a typical real estate environment, that dip is a seasonal expectation,” said Gary Lundholm of The Real Estate Group and President of REIN’s Board of Directors. “The year-over improvements in sales can be attributed to lower mortgage rates, but also perhaps to additional inventory, which gives consumers more choices.”

Lundholm said that while home shoppers do indeed have more selection, Hampton Roads remains a seller’s market, as shown by November’s selling prices.

“While we do see some sellers needing to be more aggressive with their pricing, which benefits buyers, overall, selling prices remain healthy, which is good for home sellers,” he said. 

REIN is the multiple listing service for Hampton Roads and the leading provider of real estate data, with a membership that includes more than 8,500 active licensees.

November data points from REIN:

• Active residential listings were 4,565, down from 4,765 in October and up 14.7% year-over-year from 3,980 in November 2023.
• Pending sales were 1,779, down from 2,159 in October, but up 10.22% year-overyear from 1,614 in November 2023.
• Settled sales totaled 1,899. That’s down from 2,115 in October, but up 12.37% yearover-year from 1,690 in November 2023.
• Median sale price (MSP) of homes sold during November was $350,000. That’s down from $354,000 in October, and up 6% year-over-year from $330,000 in November 2023.
• Month’s Supply of Inventory (MSI) for the month was 2.23, compared to 2.35 in October and 1.91 in November 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 27, same as it was in October. Median days on Market for November 2023 was 19.
• Residential new construction sold via the MLS during the month was 192. It was 250 in October and 224 in November 2023.