Local Real Estate Market Improves Year-Over

VIRGINIA BEACH, Va. – The Hampton Roads real estate market for December showed year-over-year increases in the number of active listings, pending sales, settled sales, and the median sales price of homes sold across the region.

According to data from the Real Estate Information Network, the multiple listing service for Hampton Roads, month’s supply inventory was also up year-over-year, as was the median number of days homes were on the market before they sold.

“Both settled sales and pending sales were up considerably when compared to December 2023, which is a good sign as we head into a new year,” said Gary Lundholm of The Real Estate Group and President of REIN’s Board of Directors. “Likewise, selling prices remain strong, even though some homes are taking a little longer to sell.”

Lundholm pointed out that when compared to the year prior, both pending and settled sales recorded double-digit increases for the months of October, November, and December. 

The year-over-year median selling price is up 7.5% ($355,000 vs. $330,000) across Hampton Roads, while the median number of days homes were on the market before selling increased by two days (30 vs. 28). 

“While the selling prices of homes in our region are below the statewide average, affordability remains a concern for us all,” he said. REIN is the leading provider of real estate data in Hampton Roads, with a membership that includes more than 8,500 active licensees.

December data points from REIN:

• Active residential listings were 4,072, down from 4,565 in November, but up 16.7% from 3,489 year-over-year when compared to December 2023.
• Pending sales were 1,662, down from 1,779 in November, but up 16% from 1,432 in December 2023. 
• Settled sales totaled 1,901. That’s up slightly from 1,899 in November, and up 11.3% from 1,708 year-over-year. 
• Median sale price (MSP) of homes sold during December was $355,000. The MSP was $350,000 in November and was $330,000 in December 2023.
• Month’s Supply of Inventory (MSI) for the month was 1.97. It was 2.23 in November and was 1.69 in December 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 30, compared to 27 in November and 28 in December 2023. 
• Residential new construction sold via the MLS during the month was 186. It was 192 in November and 208 in December 2023.