Hampton Roads Housing Market Update: August Sees Highest Inventory in Three Years
The number of homes for sale in the Hampton Roads area has reached its highest level since October 2020, with 4,811 homes listed in August 2024. This marks a year-over-year increase from 3,680 homes in August 2023, signaling a gradual rise in inventory. Despite this increase, it remains a seller’s market, with demand still outpacing supply.
In the past five years, inventory has significantly dropped, down 45.5% since 2019 when there were 8,824 homes on the market. However, selling prices have surged, with the median sale price (MSP) hitting $350,620 in August 2024, up 37.5% from $255,000 in August 2019.
August 2024 data highlights:
- Active listings: 4,811 (up from 3,680 in August 2023)
- Pending sales: 2,123
- Settled sales: 2,282
- Median sale price (MSP): $350,620 (compared to $341,100 in August 2023)
- Month’s Supply of Inventory (MSI): 2.38 months
- Median days on market (DOM): 21 days (up from 14 days in August 2023)
While inventory is up, competition among buyers remains strong, keeping prices high. With three MLS systems overlapping in our area (Williamsburg, Richmond, and Hampton Roads), these figures reflect overall market conditions derived from the Real Estate Information Network (REIN).
As always, whether you’re buying or selling, navigating the market can be challenging. With over 20 years of experience, I’m here to guide you through every step of the process. If you have any questions about how these trends impact your real estate goals, don’t hesitate to reach out!
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