Hampton Roads home sales, prices up in April

Home sales across Hampton Roads were up in April, as the region also racked up near-record median sales prices, the Real Estate Information Network (REIN) reported Friday.

There were 2,189 settled sales for the month, up from 2,057 in March and 2,053 in April 2023, according to REIN. There were 2,569 pending sales, compared with 2,317 in March and 2,363 in April 2023.

The median sales price of homes sold regionally in April was $344,000, the second-highest MSP on record in the region and up from $332,000 in March and $320,000 in April 2023.

“Even though mortgage rates remain around 7%, consumers are willing to spend what they need to spend in order to get the home they want,” Gary Lundholm of the Real Estate Group and president of REIN’s board said in a news release announcing the data.

There were 3,837 active listings in April, compared with 3,574 in March and 3,156 in April 2023. The number of median days homes stayed on the market in April was 14, down from 18 in March, but up from 12 in April 2023, according to REIN.

The number of active listings was 3,837, up compared with 3,574 in March and up from 3,156 in April 2023.

“The combination of increased sales and increased inventory is a positive development for the local market,” Lundholm said.

REIN is the multiple listing service in Hampton Roads and has about 9,000 members. It serves an area that stretches from Williamsburg and Gloucester down to Edenton, North Carolina.