Number of Homes for Sale Increases

VIRGINIA BEACH, Va. – The Hampton Roads real estate market saw the number of homes for sale increase by 23% year-over-year during the month of January, while the median number of days homes were on the market before selling decreased by five days. Additionally, while January’s median sales price (MSP) also rose when compared to the same month last year, it fell by $15,000 from December 2024.

This data comes from the Real Estate Information Network (REIN), the multiple listing service (MLS) for Hampton Roads, and the leading provider of real estate data — with a membership that includes more than 8,500 active licensees.

“Additional inventory is always good for prospective homebuyers,” said Barbara Wolcott of Berkshire Hathaway Home Services RW Towne Realty, and President of REIN’s Board of Directors. “Likewise, the increased number of homes can help drive down prices for buyers, which is especially helpful since mortgage rates continue to climb.”

Wolcott said that although both pending and settled sales are down year-over-year, the local market remains somewhat more resilient when compared to many markets across the nation. 

“The final months of 2024 were a little better than expected, especially when you compare Hampton Roads to some other markets,” said Wolcott. “As we begin to exit winter and head into spring having more homes for consumers to choose from will be attractive to homebuyers.”

January data points from REIN: 

• Active residential listings were 4,366, up from 4,072 in December, and up 23.4% from 3,538 year-over-year when compared to January 2024.
• Pending sales were 1,748, up from 1,662 in December, but down year-over-year by just 0.96% from 1,765 in January 2024.
• Settled sales totaled 1,389. That’s down from 1,901 in December, and down 5.5% from 1,470 year-over-year.
• Median sale price (MSP) of homes sold during January was $340,000. The MSP was $355,000 in December and was $320,500 in January 2024.
• Month’s Supply of Inventory (MSI) for the month was 2.12. It was 1.97 in December and 1.72 in January 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 27, compared to 29 in December and 32 in January 2024.
• Residential new construction sold via the MLS during the month was 170. It was 186 in December and 215 in January 2024.