Hampton Roads Housing Market Continues to Heat Up

The median sales price (MSP) for homes in Hampton Roads set a record for the second straight month in June, reaching $345,000. Active listings and settled sales also increased from the previous month, but both are still significantly down compared to June 2022.

“Seasonally, the month-over-month increases were expected, but they’re still important,” said Jon McAchran, president of the Real Estate Information Network (REIN) board of directors. “However, when we compare active listings and settled sales to last year, we’re still well below 2022 numbers, and inventory continues to be lower than where we need it to be for a healthy, balanced market.”

The months’ supply of inventory (MSI) for June was 1.47, up from 1.37 in May and 1.33 in June 2022. This means that there is currently about 1.47 months of inventory on the market, which is considered a seller’s market.

“The MSI is up mainly due to slowing sales, which in itself is being impacted by a lack of inventory, causing price increases,” McAchran said.

According to REIN data, active residential listings for June were 3,366, a 4.6% increase from 3,217 in May. However, this is still down 18.1% year-over-year from 4,114 in June 2022.

Pending sales stood at 2,517, down 11.8% from 2,856 in May and 15.5% from 3,074 year-over-year.

Settled sales during the month were 2,667, a 6.6% increase from May but down 19.7% from 3,320 in June 2022.

Median days on market for residential listings was 11, the same as in May and an increase from nine days in June 2022.

Residential new construction sales were 257, up from 252 in May but down from 292 from June 2022.

Overall, the Hampton Roads housing market remains strong, but inventory is still tight. This is leading to rising prices and a competitive market for buyers