Hampton Roads Home Prices Continue Their Long-Term Climb: A Look at the Last Decade of REIN Data
If you’ve followed my articles for any length of time, you know I’m a numbers guy. I enjoy digging into the statistics because they often tell a very different story than the headlines.
One of the questions I’m asked most frequently is:
“Are home prices still going up?”
According to the latest data from the Real Estate Information Network (REIN MLS), the answer is yes—although at a much healthier and more sustainable pace than we saw during the pandemic.
A Decade of Price Growth
Looking at median sales prices for homes sold during the month of June across the REIN MLS service area paints an interesting picture.
The biggest takeaway is that the extraordinary pandemic years of 2021 and 2022 were clearly the exception—not the rule.
Prior to COVID, annual appreciation generally hovered between 2% and 3%. During the pandemic, historically low mortgage rates and an extreme shortage of available homes pushed prices sharply higher.
Since then, the market has settled into a much more balanced pattern, with annual appreciation typically falling in the 4% to 6% range. That’s a pace many economists consider healthy because it allows homeowners to build equity without creating the kind of unsustainable price spikes we experienced a few years ago.
Since 2017, the median home price across the REIN MLS region has climbed from $243,000 to $395,000—an increase of more than $152,000, or approximately 62.6%. That equates to an average annual appreciation rate of roughly 5.5%, despite significant market swings during the pandemic.”
What Area Does REIN Cover?
One thing that often causes confusion is that real estate statistics vary depending on who is collecting the data.
The numbers in this article come from REIN MLS (Real Estate Information Network), the regional multiple listing service serving much of southeastern Virginia. Its coverage stretches from Virginia Beach, Chesapeake, Norfolk, Portsmouth, Suffolk, Hampton and Newport News west through York County, Poquoson, Williamsburg, James City County, Gloucester, and beyond into areas west of Williamsburg.
That’s why it’s important to compare apples to apples. Statistics published by REIN will differ from those published by CVR MLS, Bright MLS, or statewide and national Realtor associations because each organization covers a different geographic area.
James City County Still Commands Premium Prices
While the regional median reached a record $395,000, James City County once again posted one of the highest median sales prices in the REIN region at $510,500. Interestingly, that represented a slight year-over-year decline of 2.7%, demonstrating that every local market has its own story—even within a strong regional market. Virginia Beach, meanwhile, posted an impressive 11.39% year-over-year increase to a median sales price of $440,000.
What Does This Mean for Buyers and Sellers?
For sellers, it’s encouraging news. Home values continue to appreciate, just at a more sustainable pace.
For buyers, increased inventory compared to the pandemic years means there’s more selection and, in many cases, a little more negotiating room than there was when homes routinely attracted dozens of offers.
In other words, today’s market feels much more “normal” than what we experienced from 2020 through 2022.
Why I Write These Articles
One of the things I enjoy most about real estate is helping people understand what’s really happening in our local housing market.
I regularly analyze sales statistics from REIN MLS, CVR MLS, and other Realtor associations throughout Virginia because no single data source tells the whole story. Different MLS systems cover different regions, and understanding those differences helps buyers and sellers make better-informed decisions.
Rather than relying on national headlines, I prefer to look at the local numbers—because that’s what ultimately affects your home’s value.
Whether you’re buying your first home, preparing to sell, or simply curious about where the market is headed, I hope these articles provide useful context and help separate fact from speculation.
About the Author
I’m John Womeldorf, better known as Mr. Williamsburg, and I’ve been helping buyers and sellers throughout Williamsburg, James City County, York County, New Kent, Charles City, and the greater Hampton Roads region for more than 20 years. I enjoy digging into local market trends, neighborhood history, and housing statistics to help consumers make informed real estate decisions.
You can read more market updates and neighborhood articles at MrWilliamsburg.com, or contact me directly if you’d like to discuss your home’s value or the current market.
Website: https://mrwilliamsburg.com
Email: mailto:john@mrwilliamsburg.com
Cell: 757-254-8136