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Va. home sales, inventory rises in October

Housing sales and inventory in Virginia rose in October, with closed sales up 12.5% from October 2023, according to Virginia Realtors data released Nov. 22.

Last month, 8,732 homes sold in Virginia — 968 more than sold in October 2023. The influx of closed sales in October resulted from the jump in pending sales — new contracts — in September, when mortgage rates fell into the low 6% range. Pending sales in October totaled 8,054, up 1,198 pending sales, or 17.5%, from October 2023.

Mortgage rates began rising in October, though. For the week ending Oct. 10, the weekly average 30-year fixed-rate mortgage was 6.32%, according to Freddie Mac data. The following week, the average 30-year fixed-rate mortgage was 6.44%. The average rate was 6.54% for the week ending Oct. 24, and for the week ending Oct. 31, the average 30-year rate was 6.72%.

As of Nov. 21, the weekly average for a 30-year fixed-rate mortgage was 6.84%, according to Freddie Mac data.

The Virginia market had 20,042 active listings at the end of October, a 16% increase from the same month last year. The October total is the first time the statewide active listings total has exceeded 20,000 in about four years, which signals that more sellers are slowly entering the market, according to Virginia Realtors.

New listings last month totaled 11,792, up 15.2% from the 10,232 new listings recorded in October 2023.

The month’s supply of inventory (MSI) — a measure of how many months there would be homes on the market if no new inventory were added — stood at 2.4, up from October 2023’s MSI of 2.2.

“Growing inventories of available homes is a widespread trend we are seeing across most of the commonwealth,” Virginia Realtors Chief Economist Ryan Price said in a statement. “At the end of October, 74% of Virginia’s local markets had more active listings than a year ago, showing the influx of inventory is not just a localized trend.”

The statewide median sales price in October was $415,000, up $25,000 — a 6.4% increase — from October 2023.

“While inventory conditions are improving, tight supply and pent-up buyer demand are keeping upward pressure on sales prices,” Tom Campbell with Fathom Realty, Virginia Realtors’ 2024 president, said in a statement.

Homes are selling relatively quickly but are staying on the market a bit longer than last year, according to Virginia Realtors. Statewide, homes spent a median of 15 days on the market last month, up from the 11-day median reported in October 2023.

In the Northern Virginia, Charlottesville and Harrisonburg markets, homes sold in a median of 8 days, while in the Richmond region, homes spent a median of 10 days on the market. Hampton Roads had a 21-day median.

Based in Glen Allen, Virginia Realtors represents about 36,000 Realtors and is the state’s largest trade association.

Youngkin announces plan to grow workforce housing

At the Governor’s Housing Conference in Virginia Beach Thursday, Gov. Glenn Youngkin unveiled the Workforce Housing Investment Program, an initiative at Virginia Housing that will invest $75 million over five years to spur the creation of workforce-priced housing.

The funding holds the potential, according to a news release from the Governor’s Office, to “catalyze $750 million and build 5,000 units of workforce housing in conjunction with economic development projects in the commonwealth.”

Additionally on Thursday, Youngkin issued an executive order directing the Virginia Economic Development Partnership and the Department of Housing and Community Development to coordinate with Virginia Housing — which was created by the General Assembly in 1972 to help Virginians attain affordable housing — to ensure business site investment decisions take into account nearby localities’ plans to foster housing development.

Virginia has a housing supply of about 3.6 million residential units but has a housing demand of 4.1 million units, according to an analysis performed by the Department of Housing and Community Development. The current shortage of workforce housing in Virginia is 41,000 homes, according to the executive order.

The executive order also notes that an analysis from the Virginia Economic Development Partnership found Virginia’s metro areas are building new housing units at a lower rate than metro areas in competing states. Metro areas outside of Virginia are also issuing permits for new residential units at a faster rate than the commonwealth’s metro areas, according to the order.

“With record employer relocations and expansions in the commonwealth, over $85 billion in capital investment, nearly 250,000 jobs created, and a reversal of recent trends on net-out migration, it is clear that Virginia is growing and we need to make sure the supply of housing can meet our surging demand,” Youngkin stated. “The private sector is ready to step in and meet the needs of our growing workforce with much-needed workforce housing, and today’s announcement advances these efforts by accelerating workforce housing development and requiring local governments to support the housing growth that Virginia needs.”

Under the Workforce Housing Investment Program, Virginia Housing will provide loans, loan subsidies and grants up to $3 million to localities and nonprofits to develop housing for workers earning between 80% and 120% of the area median income, or up to 150% in rural areas.

To be eligible, a locality must be located within a 30-minute drive of a business adding new jobs. For a locality that isn’t economically distressed, that business must add 100 jobs. For a distressed locality — a locality with an unemployment rate above the state average or with a poverty rate above the statewide average poverty rate — the business must add 50 jobs. For a double-distressed locality — a locality with both an unemployment rate above the state average and with a poverty rate above the statewide average — the business must add 25 jobs.

The Virginia Governor’s Housing Conference, which opened Wednesday and continues through Friday, attracts more than 900 affordable housing advocates, providers and policy makers.

Roanoke City Council approves zoning changes — again

A residential zoning do-over in the Star City is done. At least for now.

On Sept. 16, Roanoke City Council voted 6-1 to adopt zoning amendments that will allow greater housing density and eliminate single-family-only housing

City Council adopted similar zoning amendments in March, but several city homeowners, including Republican mayoral candidate David Bowers and former City Attorney Bill Hackworth, filed a lawsuit charging that city officials did not follow proper procedures prior to the vote. The suit remains pending, according to Maynard Sipe, the plaintiffs’ attorney.

Roanoke officials responded to the lawsuit by starting over and reopened discussion on the matter through the summer. In August, Roanoke’s planning commission reversed course, opting by a 3-2 vote not to recommend the changes. But City Council, which isn’t bound by the commission’s vote, adopted the proposal at its September meeting following lengthy public comment.

Several Roanoke homeowners filed a second lawsuit Oct. 16 at Roanoke City Circuit Court charging that Roanoke City officials failed to provide a sufficient summary of the zoning amendments in public notices about public hearings for this round of zoning amendment adoption and other issues.

Roanoke isn’t alone in eliminating single-family zoning, according to Alexander von Hoffman, senior research fellow at the Joint Center for Housing Studies of Harvard University.

“The idea is that by allowing demand to flow freely without the constriction of the zoning regulations, you’d be able to get increased housing … [and] produce more units that are less expensive,” von Hoffman says.

In September, a circuit judge overturned changes that eliminated single-family zoning in Arlington County, citing procedural issues and other problems. A lawsuit challenging Alexandria’s move to end single-family-only zoning appears headed for court.

Roanoke’s previous single-family-only residential zones were a holdover from the city’s Jim Crow era, according to acting Assistant City Manager Chris Chittum, who announced plans to retire in October. Paired with the city’s urban renewal projects that tore down historically Black neighborhoods to make way for Interstate 581, the civic center and a post office, Roanoke became one of the most segregated cities in America. “It’s pretty insidious how well it’s worked,” Chittum says.

The rewritten zoning code makes it easier for developers to build multiunit parcels in residential neighborhoods. It also made other changes, including reducing the amount of lot area required for dwellings.

But don’t expect Roanoke to change drastically overnight. The city issued 98 residential building permits in 2023, and it expects to see fewer than 40 additional units annually following the changes.

“The way our housing market is,” he says, “every single unit that we add is helpful.”  

Editor’s note: This story has been updated from the print version. 

Va. pending home sales, prices rose in September

Pending home sales in Virginia rose in September — increasing almost 14% from September 2023 — suggesting more buyers are entering the market, according to Virginia Realtors data released Tuesday.

Last month, 8,065 homes sold in Virginia, a less than 1% increase from September 2023. Although closed sales remained relatively flat year-over-year, pending sales rose, as 8,119 homes went under contract in September, up 978 pending sales from last year — a 13.9% jump.

“This is the largest increase in pending sales Virginia’s housing market has had in more than three years and was likely driven by last month’s drop in mortgage rates,” Virginia Realtors Chief Economist Ryan Price said in a statement. “When rates dropped to near 6%, more buyers decided to get off the sidelines.”

For the week ending Sept. 5, the weekly average 30-year fixed-rate mortgage was 6.35%, according to Freddie Mac data. The following week, the average 30-year fixed-rate mortgage was 6.2%. For the week ending Sept. 19, the average rate was 6.09%, and the weekly average rate for the week ending Sept. 26 was 6.08%.

In October, though, mortgage rates have risen again, according to Freddie Mac data. For the week ending Thursday, the weekly average 30-year fixed-rate mortgage was 6.54%, up 0.1 percentage points from the previous week. The four-week average for a 30-year fixed-rate mortgage was 6.36%.

The statewide median sales price also rose year-over-year in September. Last month, it stood at $419,200, up more than $39,000 — an increase of 10.3% — from September 2023. That’s the largest dollar increase in the statewide median sales price since spring 2022, according to Virginia Realtors.

Homes spent a median of 14 days on the market last month, up from the 10-day median reported in September 2023.

The Virginia market had 19,764 active listings last month, up by about 3,100 listings from the same month last year, representing an 18.9% increase. There were 11,378 new listings in September, up 772 listings, or 7.3%, from September 2023.

“Supply conditions remain tight in Virginia but are improving,” Tom Campbell with Fathom Realty, Virginia Realtors’ 2024 president, said in a statement. “Active listings have outpaced 2023 levels every month so far this year.”

The month’s supply of inventory (MSI) — a measure of how many months there would be homes on the market if no new inventory were added — stood at 2.3, up from September 2023’s MSI of 2.1.

Based in Glen Allen, Virginia Realtors represents about 36,000 Realtors and is the state’s largest trade association.

Va. Realtors: Home sales to increase 9.8% in 2025

Virginia Realtors forecasts a 9.8% year-over-year increase in home sales in 2025, according to its 2025 Economic & Housing Market Forecast, released Thursday.

So far this year, housing sales in the state are outpacing sales last year (although the pace of sales is below the annual average) and are on track to be up 2.9% annually by the end of the year, according to Virginia Realtors’ forecast.

“We have a lot of pent-up demand in our housing market here in Virginia,” Virginia Realtors Chief Economist Ryan Price said in a statement. “The supply gains we’ve seen so far in 2024 are likely to continue into 2025, bringing more active listings out in the market. …

“This will provide that pent-up demand with more options to choose from,” he added. “Couple this with lower mortgage rates, and we’re likely to see Virginia’s sales activity pick up in 2025.”

Home prices will likely rise at a slower pace next year than they have in 2024, according to Virginia Realtors, because the association expects the growth of home prices to moderate and for new housing to ease supply constraints.

By the end of this year, Virginia Realtors predicts the annual median home price will have risen by 5.1%. The trade association projects the commonwealth’s annual median home price in 2025 will rise 3.4% over 2024.

“The supply-demand imbalance remains a factor, putting upward pressure on home prices,” Sejal Naik, deputy chief economist for Virginia Realtors, said in a statement.

New housing starts — new residential units that construction work has begun on — will increase 2.6% year-over-year in 2025, according to the forecast. Single-family and townhome starts will likely drive the growth in new housing starts, as multifamily projects wane. By the end of 2024, new housing starts will have declined 9.1% year-over-year, according to the forecast.

Thirty-year mortgage rates will end 2024 in the low 6% range, around 6.10%, and drift down to 5.75% by the end of 2024, according to Virginia Realtors projections. That decrease could make homes more affordable for buyers and also help remove the “lock-in effect” for homeowners who have delayed their next home purchases because of high mortgage rates.

Virginia Realtors’ forecast also includes labor market predictions. In 2025, the number of jobs in Virginia will increase 1.2% over 2024 — an addition of 51,000 jobs. By the end of 2024, Virginia will have added 79,000 jobs, a 1.9% year-over-year increase, according to the forecast.

By the end of 2025, the association predicts the state’s fourth-quarter average unemployment rate will increase from 2.8% (the August 2024 rate according to the U.S. Bureau of Labor Statistics and Virginia Realtors’ projected fourth-quarter average) to 3.2% “due to weaker economic conditions across the country.”

Based in Glen Allen, Virginia Realtors represents more than 35,000 Realtors and is the state’s largest trade association.

Virginia Realtors CEO retires

Virginia Realtors CEO Terrie L. Suit is retiring after 11 years heading the state’s largest trade association, according to a Sept. 14 announcement.

Glen Allen-based Virginia Realtors, which represents 36,000 Realtors, has appointed Martin K. Johnson as interim CEO. He has held varying roles with the association, including senior vice president of advocacy, chief lobbyist and, most recently, chief external affairs officer.

A former state delegate and state secretary of veterans affairs and homeland security, Suit became CEO of Virginia Realtors on Sept. 13, 2013. She entered the real estate industry as a Realtor in 1985 before transitioning into mortgage lending, an industry she worked in for 20 years.

“Throughout Terrie’s tenure with our association, we have achieved significant progress on behalf of the real estate industry — both in Virginia and beyond,” Virginia Realtors 2024 President Tom Campbell said in a statement. “Under her leadership and vision, we have been able to advocate for homeowners across Virginia and pass meaningful legislation to help protect our industry. Virginia Realtors thanks Terrie Suit for her steadfast dedication and wishes her the very best in her retirement.”

In 1996, then-Gov. George Allen appointed Suit to the Virginia Real Estate Board. A Republican, she also served in the Virginia House of Delegates, representing parts of Virginia Beach and Chesapeake, from 2000 to 2008, chairing the House of Delegates’ General Laws committee and the Virginia Housing Commission.

In April 2011, then-Gov. Bob McDonnell appointed Suit as Virginia’s first secretary of veterans affairs and homeland security.

Reared in a military family and born in Orléans, France, Suit graduated from Tidewater Community College and Old Dominion University with a bachelor’s degree in political science. She completed her MBA at the University of Mary Washington. In 2022, Gov. Glenn Youngkin appointed Suit to Mary Washington’s board of visitors; her first term ends next year.

“I want to thank the many talented leaders I’ve been fortunate to work alongside during my time as Virginia Realtors CEO,” Suit said in a statement. “I believe in the power of this organization and the importance of its mission. I believe in the power of owning property, and I know that this organization’s tireless efforts will continue helping more and more Virginians to realize that dream.”

NoVa, Hampton Roads home sales decline in August

Home sales in Northern Virginia and Hampton Roads dropped year-over-year and month-over-month in August, although inventory and selling prices in both regions increased from the same time last year.

Northern Virginia

August home sales in Northern Virginia dropped 8.1% from August 2023, according to data released Sept. 12 by the Northern Virginia Association of Realtors.

Home sales in the region last month totaled 1,411 units, down almost 14% from the 1,639 sales recorded in July. Pending sales stood at 1,280 units, down from 1,304 units last year.

There were 1,814 active listings in August, up almost 22% from 1,492 listings last year. New listings numbered 1,349 units, down from 1,410 in August 2023.

Housing inventory and prices in the region grew year-over-year and month-over-month in August. The month’s supply of inventory (MSI) — a measure of how many months there would be homes on the market if no new inventory were added — stood at 1.4 months, up from 1.08 months in August 2023 and up from the MSI of 1.3 in July. That inventory level is higher than the five-year average of a 1.2 MSI.

As inventory rose, homes stayed on the market longer — an average of 18 days, up 5.9% from August 2023 and up from July’s 16-day average.

The median sold price for a Northern Virginia home last month was $738,000, up 5.4% compared with August 2023 and up from the July median of $735,000.

“Fewer homes sold this August compared to last year even though consumers had more choices as supply loosened,” NVAR board member Tatiana Bush with eXp Realty said in a statement. “The increase in inventory did not dampen prices, which continued to climb. The good news is that mortgage rates are slowly declining, giving consumers more buying power.”

NVAR reports home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church, and the towns of Vienna, Herndon and Clifton.

Hampton Roads

Home sales in Hampton Roads last month totaled 2,282, down about 8% from the 2,478 recorded in August 2023 and down 2.7% from July’s 2,346 sales, according to Real Estate Information Network (REIN) data released Aug. 10.

Pending sales in the region totaled 2,123, down from the 2,289 recorded in August 2023 and from the 2,315 reported in July.

The number of Hampton Roads homes for sale last month was the highest it’s been since October 2020, when the region had 4,887 active listings. Active residential listings totaled 4,811, up from 3,680 active listings last year and from July’s 4,461 listings. The month’s supply of inventory was 2.38, up from 1.68 in August 2023 and from 2.28 in July.

August 2024 statistics for the Hampton Roads housing market. Image courtesy Real Estate Information Network
August 2024 statistics for the Hampton Roads housing market. Image courtesy Real Estate Information Network

“Traditionally, when inventory increases, prices will fall, but I think recent data shows that despite increases in inventory, it’s still somewhat of a seller’s market here in Hampton Roads,” Gary Lundholm with The Real Estate Group, president of REIN’s board of directors, said in a statement. “Just five years ago during the same month, there were over 8,000 homes on the market. So, despite the increase in listings over the last few years, inventory is still well below what we might consider normal and that has impacted selling prices.”

In August 2019, active listings in the region totaled 8,824, which dropped to 5,105 listings in August 2020, then 4,467 in August 2021, and down again to 4,117 listings in August 2022.

The median sales price (MSP) for the region rose year-over-year and has risen about 37.5% from August 2019’s MSP of $255,000. Last month, the MSP stood at $350,620, up from the MSP of $341,100 recorded in August 2023 but down from July’s MSP of $355,500.

Hampton Roads homes spent a median of 21 days on the market, up from the median of 14 in August 2023 and from the 18-day median recorded in July.

Founded in 1969, REIN is a regional multiple listing service that covers an area stretching from Williamsburg east to Virginia Beach and south across the North Carolina border.

NoVa, Hampton Roads home sales rise in July

Home sales in Northern Virginia and Hampton Roads rose year-over-year in July, while inventory as measured by active listings rose year-over-year and month-over-month for both. Both regions also saw median sales prices rise from the previous year but drop from June prices.

Northern Virginia

July home sales in Northern Virginia rose 13.5% from July 2023 and were up 0.8% from June, according to data released Tuesday by the Northern Virginia Association of Realtors.

Home sales in the region last month totaled 1,639. Pending sales totaled 1,419 units, down from 1,507 in July 2023.

There were 1,764 active listings in July, up from 1,445 listings last year. New listings numbered 1,496 units, well below the five-year average of 2,251 new listings for the month of July.

Homes stayed on the market an average of 16 days, up 6.7% from July 2023 and up from June’s average of 14 days. The month’s supply of inventory (MSI) — a measure of how many months there would be homes on the market if no new inventory were added — stood at 1.3 months, the same MSI as June and a nearly 30% increase from July 2023. That inventory level is higher than the five-year average of a 1.2 MSI.

“The spike in inventory and homes sales in July are more good signs that our post-pandemic real estate market is getting back to what we previously considered normal,” NVAR CEO Ryan McLaughlin said in a statement.

The median sold price for a Northern Virginia home last month was $735,000, up 6.4% from July 2023 but down from the $780,000 median recorded for June.

“July’s supply of homes grew from a year ago, providing consumers with more options in a market that has been hungry to buy. This desire for housing continues to drive prices higher, but buyers are enjoying the availability of more homes,” NVAR board member Michele Brantley with Weichert Realtors said in a statement.

NVAR reports home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church, and the towns of Vienna, Herndon and Clifton.

Hampton Roads

July home sales in Hampton Roads totaled 2,346, up 1.3% from the 2,316 sales recorded in July 2023 and down 0.38% from June’s 2,355 sales, according to Real Estate Information Network (REIN) data released in early August.

Pending sales also rose year-over-year, totaling 2,315 last month — up 4.5% from the 2,215 recorded in June and up 7.2% from the 2,159 recorded in July 2023.

July 2024 statistics for the Hampton Roads housing market. Image courtesy Real Estate Information Network
July 2024 statistics for the Hampton Roads housing market. Image courtesy Real Estate Information Network

The number of Hampton Roads homes for sale in July reached its highest point since October 2020, when the region had 4,887 active listings. Last month, active listings totaled 4,641, up 5.9% from June and up 34.4% year-over-year. The month’s supply of inventory for July was 2.28, up from 2.16 in June and from 1.54 in July 2023.

“We’re happy to see settled and pending sales up over last year,” Gary Lundholm with The Real Estate Group, president of REIN’s board of directors, said in a statement. “That’s good for our agents and brokers. Likewise, an increase in active listings offers more choices for home shoppers and is certainly helping to stabilize selling prices.”

The median sales price (MSP) for the region was $355,500 in July, up 4.5% from $340,000 in July 2023 but down from the region’s all-time high of $360,000 in June.

Homes in the region spent a median of 18 days on the market, up from the median of 16 days in June and the 12-day median recorded in July 2023.

Founded in 1969, REIN is a regional multiple listing service that covers an area stretching from Williamsburg east to Virginia Beach and south across the North Carolina border.

NoVa, Hampton Roads home sales fall in June

Home sales in Northern Virginia and Hampton Roads dropped year-over-year in June, as homes stayed on the market longer and median sales prices rose.

Northern Virginia

June home sales in Northern Virginia fell 13.8% from June 2023 and 12.2% from May, according to data released July 11 by the Northern Virginia Association of Realtors.

“This year’s regional housing market resembles a pendulum, swinging back and forth,” NVAR board member Mary Bowen with Long & Foster Real Estate said in a statement. “The one constant is that prices continue to go up. With a bit more inventory, homebuyers in June had a few more choices than last year; however, it remains a sellers’ market.”

Last month, 1,626 homes sold in the region. Pending sales totaled 1,674 units, up about 10% from June 2023.

There were 1,645 active listings in June, up 5% from last year. New listings totaled 1,539 units, down 9% from June 2023 and well below the five-year average of 2,483 new listings for the month of June.

Homes stayed on the market longer this June: an average of 14 days, a 7.7% increase from last year. The month’s supply of inventory (MSI) — a measure of how many months there would be homes on the market if no new inventory were added — stood at 1.3 months, the same MSI as May and a 14.5% increase from June 2023.

The median sold price for a Northern Virginia home last month was $780,000, up 8.6% from the same month last year and up from May’s median of $760,000. The total sold volume in June was more than $1.4 billion, down 5.9% from June 2023.

“Our shifting market reveals ongoing demand amid a landscape of short supply,” NVAR CEO Ryan McLaughlin said in a statement. “Even with more selection, we still have very little inventory, which is driving prices higher. The good news is that we have had several months of home sales growth this year rather than just declines, which means the market is still rightsizing itself.”

NVAR reports home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church, and the towns of Vienna, Herndon and Clifton.

Hampton Roads

In Hampton Roads, home sales for June totaled 2,355, down 5.7% from the 2,498 sales recorded in May and down about 11.7% from June 2023’s 2,666 sales, according to Real Estate Information Network (REIN) data released Wednesday.

The Hampton Roads housing market had 2,215 pending sales in June, down from 2,546 in May and down from 2,394 in June 2023.

June 2024 statistics for the Hampton Roads housing market. Image courtesy Real Estate Information Network
June 2024 statistics for the Hampton Roads housing market. Image courtesy Real Estate Information Network

There were 4,380 active listings on the market in June, up from 4,264 in May and from 3,366 in June 2023. The month’s supply of inventory was 2.16, up from 2.07 in May and from 1.47 in June 2023.

“Although we are seeing an increase in the number of homes for sale when looking at the last three years, if you compare June 2024 to June 2019 when there were 9,308 homes on the market, you can see that the competition is often much more concentrated since there are about half as many properties,” Gary Lundholm with The Real Estate Group, president of REIN’s board of directors, said in a statement.

The median sales price (MSP) for the region rose in June and hit a record for the second consecutive month. Last month, the median sales price of homes in the region was $360,000, up 2.15% from the MSP of $352,392 in May and up 4.3% from June 2023’s MSP of $345,000.

“Home prices in our region have been rising, as they have been in much of the nation,” Lundholm said in a statement. “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.”

Homes in the region spent a median of 16 days on the market, up from the median of 15 days in May and the 11-day median recorded in June 2023.

Founded in 1969, REIN is a regional multiple listing service that covers an area stretching from Williamsburg east to Virginia Beach and south across the North Carolina border.

Hampton Roads home sales steady, inventory rises in May

Hampton Roads home sales in May remained steady year-over-year, but inventory climbed, breaching 4,000 homes for sale, according to Real Estate Information Network (REIN) data released Monday.

Last month, 2,498 homes sold in Hampton Roads, up from 2,189 in April and equal to homes sold in May 2023. Pending sales totaled 2,546, down from 2,569 in April and from 2,856 in May 2023.

The region had 4,264 active listings in May, the first time the number of homes listed in REIN’s service has topped 4,000 since October 2022. Active listings in April totaled 3,837 and stood at 3,217 in May 2023 — making May’s number of active listings a year-over-year increase of 32.5%.

The month’s supply of inventory (MSI) — a measure of how many months of inventory would remain if no new homes were added to the market — was 2.07, up from 1.87 in April and up from 1.37 a year ago.

The median sales price in the region was $352,392, a record for a single month, according to REIN. It was up 3.6% from the MSP of $340,000 recorded in April and up 5% from the $335,000 recorded in May 2023, when homes sold also totaled 2,498.

“Obviously, when prices grow at this rate, it becomes challenging for many potential buyers, whose income isn’t keeping pace with the other increases they’re facing,” Gary Lundholm with The Real Estate Group, president of REIN’s board of directors, said in a statement. “Ensuring there is enough available, and enough affordable housing for everyone, is a concern for us all.”

Homes spent a median of 15 days on market last month, up one day from the April median of 14 days and up from the 11-day median reported in May 2023.

Founded in 1969, REIN is a regional multiple listing service that covers an area stretching from Williamsburg east to Virginia Beach and south across the North Carolina border.