Local Real Estate Market Strong in October

VIRGINIA BEACH, Va. – During the month of October, the real estate market in Hampton Roads recorded increases across the board, both month-over-month and year-over-year. Those increases included active listings and inventory, pending sales, settled sales, median sales price, and the number of days homes were on the market before being sold.

This is according to data released by the Real Estate Information Network, the multiple listing service for Hampton Roads.

“When compared to October of last year, settled sales were up by 243 units and pending sales were up by 386, which should be helpful for next month’s numbers,” said Gary Lundholm of The Real Estate Group and President of REIN’s Board of Directors. “The strength of the local market was probably due to two things: First, a slight dip in the mortgage rates, and second, the increasing inventory and the availability of a good selection of homes for buyers to choose from.”

Lundholm added that despite the year-over-year increase in selling prices, Hampton Roads remains an affordable place to live. He said the Median Sales Price, which was $349,900 for Hampton Roads in September, was still significantly lower than September’s MSP in the Richmond Metro ($400,000) and in Northern Virginia ($489,999).

“We have a lot to offer when compared to the other metro areas across Virginia. We remain an attractive and affordable locality for homebuyers looking to relocate,” 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.

October data points from REIN:

• Active residential listings were 4,765, up from 4,641 in September and up 20% year-over-year from 3,968 in October 2023.
• Pending sales were 2,159. That’s up from 2,062 during the month prior and up 21.77% year-over-year from 1,773 in October 2023.
• Settled sales totaled 2,115. That’s up from 1,932 in September and up 12.98% from 1,872 in October 2023.
• Median sale price (MSP) of homes sold during October was $354,000, up from $349,900 during September and up 7.2% year-over-year from $330,140 during October 2023.
• Month’s Supply of Inventory (MSI) for the month was 2.35, compared to 2.31 in September and 1.88 in October 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. That’s up two days from 25 in September and up eight days from 19 in October 2023.
• Residential new construction sold via the MLS during the month was 250. It was 191 in September and 224 in October 2023.