Local Real Estate Market Readying for Spring

VIRGINIA BEACH, Va. – Despite being three days shorter in length – and a few days of very snowy weather – the Hampton Roads real estate market for February showed improvement compared to January, with both pending and settled sales increasing.

When comparing February 2025 to the same month the year prior, however, both settled sales and pending sales were lower, while active listings and the median selling price showed improvement.

This data comes from the Real Estate Information Network in Virginia Beach, the multiple listing service for Hampton Roads and its leading source of real estate data.

“Having more homes on the market is good for home buyers, while strong selling prices are good for home sellers,” said Barbara Wolcott of Berkshire Hathaway Home Services RW Towne Realty and President of REIN’s Board of Directors. “And in recent weeks, mortgage rates have been inching down, which is good news for everyone. If that trend continues, it should help market activity as we head into the spring homebuying season.”

Wolcott said that homes remained on the market a bit longer than they did last year, with the median number of days homes are on the market before being sold standing at 28 for February, which is six days longer than the median number of days from February 2024 (22).

“The number of active listings is up nearly 22% from the same month last year,” she said. “When consumers have more choices, they don’t feel quite as much pressure to make a quick decision.”

February data points from REIN:

• Active residential listings during February totaled 4,340. That’s down from 4,366 in January, but up 21.6% from 3,568 year-over-year when compared to February 2024.
• Pending sales for the month were 1,875. That’s up from 1,748 in January, but down 8% year-over-year from 2,040.
• Settled sales totaled 1,551, up from 1,389 in January, but down 9.25% from 1,709 in February 2024.
• Median sale price (MSP) of homes sold during February was $345,000. That’s up from $340,000 in January, and up 5.43% from $327,500 in February 2024.
• Month’s Supply of Inventory (MSI) for the month was 2.12, the same as it was in January. The MSI was 1.73 in February 2024. 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 28, up one day from 27 in January, and up six days from 22 in February 2024.
• Residential new construction sold via the MLS during the month was 168. It was 170 in January and 200 in February 2024.