Hampton Roads Real Estate Market Update: A Year of Growth and Opportunity
By John Womeldorf, Mr. Williamsburg
When reviewing sales statistics across the Hampton Roads area, it’s important to note that there are multiple sources of data collected by different real estate associations. For this post, we’re focusing on data provided by the Real Estate Information Network (REIN), which covers a broad swath of southeastern Virginia, from Virginia Beach to Williamsburg and everywhere in between.
Here in Williamsburg, we have a separate MLS—the Williamsburg Multiple Listing Service (WMLS)—which gathers its own data specific to our area. This means that real estate trends can vary depending on the source of the information, but together they provide a more complete picture of the market.
December 2024: Key Takeaways for Hampton Roads
The Hampton Roads real estate market closed out December 2024 with some encouraging signs of year-over-year improvement. According to REIN, there were increases across the board in active listings, pending sales, settled sales, and median sales prices compared to December 2023.
Here’s a breakdown of some notable metrics:
• Active Listings: 4,072, up 16.7% year-over-year (3,489 in December 2023).
• Pending Sales: 1,662, up 16% year-over-year (1,432 in December 2023).
• Settled Sales: 1,901, up 11.3% year-over-year (1,708 in December 2023).
• Median Sale Price: $355,000, a 7.5% increase from $330,000 in December 2023.
• Median Days on Market: 30 days, compared to 28 days in December 2023.
• Month’s Supply of Inventory: 1.97, up from 1.69 in December 2023.
These numbers suggest that while homes are taking slightly longer to sell, buyer demand remains strong, and sellers are benefiting from rising prices.
What Does This Mean for Buyers and Sellers?
For buyers, the increase in active listings may provide more options, though the rise in median sales price and days on market indicates that homes are still moving relatively quickly, and competition remains strong.
For sellers, the continued upward trend in prices and strong demand are good signs for achieving favorable outcomes. However, proper pricing and strategic marketing are key, as the market is dynamic and varies across neighborhoods and price points.
Local Perspective: Williamsburg Market
In Williamsburg, the story can be slightly different. Our unique market, represented by the WMLS, often sees trends that may not align exactly with the broader Hampton Roads data. Whether you’re looking to buy or sell, understanding these local nuances is critical. That’s where I can help. With over 20 years of experience serving clients from Williamsburg to Virginia Beach and Richmond, I bring deep local knowledge and a personalized approach to navigating the real estate market.
If you’re curious about how these trends might affect your real estate goals, don’t hesitate to reach out. Let’s discuss how I can assist you with buying or selling your home.
Contact Me:
John Womeldorf, Mr. Williamsburg
Ready to make your move? Let’s talk.