2023 End Of Year Statistics for Hampton Roads, Virginia

Greetings from Mr. Williamsburg, your trusted local real estate advisor! As we approach the end of 2023, it’s the perfect time to reflect on the Hampton Roads housing market’s resilience amid a dynamic economy, presenting a compelling choice for both buyers and sellers.

Here are key market insights that shaped Hampton Roads this year:

• Despite a slow start, Q2 and beyond witnessed a steady rise in active residential listings. In November, we had 3,980 active listings, a 3.03% increase YoY.
• The month’s supply of inventory is now at 1.91, up by 35% from 2022, potentially signaling positive trends for buyers, especially with a dip in mortgage rates.
• Pending residential sales averaged 2,224 listings per month, down 18% YoY. November recorded 1,690 sold listings, a 10% MoM decrease but with a noteworthy 12% YoY increase in median sales price, reaching $330,000.
• The median days on market for November decreased by 5% from 2022, settling at 19 days.

Sellers have experienced a market in their favor, witnessing impressive highs in home prices, while buyers are encouraged by the growing inventory. As we approach 2024, I’m here to assist you in navigating the evolving real estate landscape.

Whether you’re considering buying or selling in Hampton Roads, Williamsburg, Richmond, the Northern Neck, or beyond, I’m here to guide you. Let’s make informed decisions together!

These insights are sourced from REIN MLS, the independent Multiple Listing Service for Hampton Roads. Established in 1969, REIN has been a trusted resource for real estate professionals for over 50 years, covering the region from Williamsburg to Virginia Beach and extending south to the North Carolina border. As a broker-owned MLS, REIN is owned by more than 670 broker firms, representing over 800 offices and 10,000 real estate professionals, serving as a valuable resource for accurate and comprehensive real estate information.