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.