Home Prices Continue to Climb in Hampton Roads
The housing market in the Hampton Roads region has continued its upward trajectory, with the median sales price (MSP) of homes reaching new heights for the second consecutive month. According to recent data, June’s MSP hit an all-time high of $360,000, marking a 2.15% increase from $352,392 in May and a 4.3% increase from $345,000 in June 2023.
“Home prices in our region have been rising, as they have been in much of the nation,” said Gary Lundholm of The Real Estate Group and President of the Board of Directors for the Real Estate Information Network (REIN). “Fortunately for homebuyers, our MSP is still below the statewide average, and inventory also continues to increase, which can have a positive impact on prices.”
While the summer months typically see an increase in selling prices due to heightened competition among buyers, Lundholm notes that the number of homes available for sale has seen a notable increase compared to recent years. However, the competition remains intense when compared to pre-pandemic levels. For instance, June 2024 saw 4,380 active residential listings, significantly lower than the 9,308 homes on the market in June 2019.
These dynamics underscore the importance of working with a professional real estate agent. “When you need to act quickly and negotiate wisely, no one can assist a buyer better than a professional real estate agent,” Lundholm emphasized.
REIN, with nearly 9,000 members, continues to be the leading provider of real estate data for the Hampton Roads region. Key data points from REIN for June include:
- Active residential listings: 4,380 (up from 4,264 in May and 3,366 in June 2023)
- Pending sales: 2,215 (down from 2,546 in May and 2,394 in June 2023)
- Settled sales: 2,355 (down from 2,498 in May and 2,666 in June 2023)
- Median sale price: $360,000 (up from $352,392 in May and $345,000 in June 2023)
- Month’s Supply of Inventory (MSI): 2.16 (up from 2.07 in May and 1.47 in June 2023)
- **Median days on market (DOM
