Hampton Roads Housing Market Sees Inventory Growth in January
The Hampton Roads real estate market kicked off 2025 with a notable increase in available homes, offering potential buyers more choices as we head into the spring season. According to the latest data from the Real Estate Information Network (REIN), the number of active residential listings in January rose by 23% compared to the same time last year.
While inventory grew, homes were selling faster, with the median days on market (DOM) dropping by five days year-over-year. The median sales price (MSP) in January was $340,000—an increase from January 2024 but a $15,000 decline from December’s MSP of $355,000.
Key Market Trends in January:
• Active Listings: 4,366 homes were on the market, up from 3,538 in January 2024.
• Pending Sales: 1,748 homes went under contract, a slight year-over-year decrease of 0.96%.
• Closed Sales: 1,389 homes sold, down 5.5% from last January.
• Median Sales Price (MSP): $340,000, up from $320,500 in January 2024 but lower than December’s $355,000.
• Months Supply of Inventory (MSI): 2.12 months, an increase from 1.72 months a year ago.
• Median Days on Market: 27 days, down from 32 days in January 2024.
• New Construction Sales: 170 newly built homes sold, compared to 215 in January 2024.
What This Means for Buyers and Sellers
The rise in inventory is good news for buyers, as more choices can help ease competition and stabilize prices—especially as mortgage rates remain a key factor in affordability. While sales are slightly down, Hampton Roads continues to show resilience compared to many markets across the country.
If you’re considering selling, the market is still moving, and homes are selling faster than they were a year ago. Buyers are actively looking, and pricing your home competitively in this evolving market can make all the difference.
Curious about how these market trends impact your buying or selling plans? I’d be happy to provide insights specific to your neighborhood—just reach out!
John Womeldorf | Mr. Williamsburg