HAMPTON ROADS/SOUTHEAST VIRGINIA HOUSING MARKET DATA

There was an increase in total units sold in May, with 2,357 sold this month in Hampton Roads/Southeast Virginia Real Estate, an increase of 11%. This month's total units sold is similar compared to a year ago.

Versus last year, the total number of homes available this month is lower by 105 units or 3%. The total number of active inventory this May was 3,928 compared to 4,033 in May 2024. This month's total of 3,928 is lower than the previous month's total supply of available inventory of 4,145, a decrease of 5%.

Last May, the median sale price for Hampton Roads/Southeast Virginia Homes was $350,000. This May, the median sale price was $365,000, an increase of 4% or $15,000 compared to last year. The current median sold price is 4% higher than in April.

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

In May, there was 1.7 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 3,381 homes newly listed for sale in Hampton Roads/Southeast Virginia compared to 3,157 in May 2024, an increase of 7%. There were 2,980 current contracts pending sale this May compared to 2,248 a year ago. The number of current contracts is 33% higher than last May.

In May, the average sale price in Hampton Roads/Southeast Virginia was 100.1% of the average list price, which is similar compared to a year ago.

This month, the average number of days on market was 29, higher than the average last year, which was 26, an increase of 12%.





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

Units Sold 2,357	Active Inventory 3,928	Median Sale Price $365,000	Days On Market 29

No Change Vs. Year Ago	Down -3% Vs. Year Ago	Up 4% Vs. Year Ago	Up 12% Vs. Year Ago


		Units Sold There was an increase in total units sold in May, with 2,357 sold this month in Hampton Roads/Southeast Virginia Real Estate, an increase of 11%. This month's total units sold is similar compared to a year ago.
Active Inventory Versus last year, the total number of homes available this month is lower by 105 units or 3%. The total number of active inventory this May was 3,928 compared to 4,033 in May 2024. This month's total of 3,928 is lower than the previous month's total supply of available inventory of 4,145, a decrease of 5%.
		Median Sale Price Last May, the median sale price for Hampton Roads/Southeast Virginia Homes was $350,000. This May, the median sale price was $365,000, an increase of 4% or $15,000 compared to last year. The current median sold price is 4% higher than in April. Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.



New Listings 3,381	Current Contracts 2,980	Sold Vs. List Price 100.1%	Months of Supply 1.7

Up 7% Vs. Year Ago	Up 33% Vs. Year Ago	No Change Vs. Year Ago	No Change Vs. Year Ago


		Months of Supply In May, there was 1.7 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 3,381 homes newly listed for sale in Hampton Roads/Southeast Virginia compared to 3,157 in May 2024, an increase of 7%. There were 2,980 current contracts pending sale this May compared to 2,248 a year ago. The number of current contracts is 33% higher than last May.
		Sale Price to List Price Ratio In May, the average sale price in Hampton Roads/Southeast Virginia was 100.1% 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 29, higher than the average last year, which was 26, an increase of 12%.


	*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.