HAMPTON ROADS/SOUTHEAST VIRGINIA HOUSING MARKET DATA

There was a decrease in total units sold in January, with 1,301 sold this month in Hampton Roads/Southeast Virginia Real Estate versus 1,751 last month, a decrease of 26%. This month's total units sold was lower than at this time last year, a decrease of 4% versus January 2024.

Versus last year, the total number of homes available this month is lower by 74 units or 2%. The total number of active inventory this January was 3,275 compared to 3,349 in January 2024. This month's total of 3,275 is lower than the previous month's total supply of available inventory of 3,561, a decrease of 8%.

Last January, the median sale price for Hampton Roads/Southeast Virginia Homes was $319,990. This January, the median sale price was $340,000, an increase of 6% or $20,010 compared to last year. The current median sold price is 3% lower than in December.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.

In January, there was 2.5 months of supply available in Hampton Roads/Southeast Virginia. The amount of supply is similar compared to a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

This month there were 2,494 homes newly listed for sale in Hampton Roads/Southeast Virginia compared to 2,241 in January 2024, an increase of 11%. There were 2,037 current contracts pending sale this January compared to 1,626 a year ago. The number of current contracts is 25% higher than last January.

In January, the average sale price in Hampton Roads/Southeast Virginia was 99.2% of the average list price, which is similar compared to a year ago.

This month, the average number of days on market was 39, which is similar compared to a year ago.





FOCUS ON: HAMPTON ROADS/SOUTHEAST VIRGINIA HOUSING MARKET			JANUARY 2025

Units Sold 1,301	Active Inventory 3,275	Median Sale Price $340,000	Days On Market 39

Down -4% Vs. Year Ago	Down -2% Vs. Year Ago	Up 6% Vs. Year Ago	No Change Vs. Year Ago


		Units Sold There was a decrease in total units sold in January, with 1,301 sold this month in Hampton Roads/Southeast Virginia Real Estate versus 1,751 last month, a decrease of 26%. This month's total units sold was lower than at this time last year, a decrease of 4% versus January 2024.
Active Inventory Versus last year, the total number of homes available this month is lower by 74 units or 2%. The total number of active inventory this January was 3,275 compared to 3,349 in January 2024. This month's total of 3,275 is lower than the previous month's total supply of available inventory of 3,561, a decrease of 8%.
		Median Sale Price Last January, the median sale price for Hampton Roads/Southeast Virginia Homes was $319,990. This January, the median sale price was $340,000, an increase of 6% or $20,010 compared to last year. The current median sold price is 3% lower than in December. Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.



New Listings 2,494	Current Contracts 2,037	Sold Vs. List Price 99.2%	Months of Supply 2.5

Up 11% Vs. Year Ago	Up 25% Vs. Year Ago	No Change Vs. Year Ago	No Change Vs. Year Ago


		Months of Supply In January, there was 2.5 months of supply available in Hampton Roads/Southeast Virginia. The amount of supply is similar compared to a year ago. Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.
New Listings & Current Contracts This month there were 2,494 homes newly listed for sale in Hampton Roads/Southeast Virginia compared to 2,241 in January 2024, an increase of 11%. There were 2,037 current contracts pending sale this January compared to 1,626 a year ago. The number of current contracts is 25% higher than last January.
		Sale Price to List Price Ratio In January, the average sale price in Hampton Roads/Southeast Virginia was 99.2% of the average list price, which is similar compared to a year ago. Days on Market This month, the average number of days on market was 39, which is similar compared to a year ago.


	*Defined as the counties of Hampton City, Isle of Wight, James City, Southampton, Surry, York and the cities of Chesapeake, Franklin, Williamsburg, Newport News, Norfolk, Poquoson, Portsmouth, Suffolk, Virginia Beach in VA.
	*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
	Information included in this report is based on data supplied by REIN/WAAR and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of REIN/WAAR or Long & Foster Real Estate, Inc.