For the last couple of years, we have used our January newsletter to make predictions about the upcoming year. Here is a link to our newsletter from 2024 and here is 2023.
Just like last year, we will also run a trivia contest. To enter, reply back to this email with your best guess for what you think the median sales price for homes in Hampton Roads will be in 2025. The closest guess wins! If you win, we will make a $100 donation to the charity of your choice in your honor. Congratulations go to last year’s winner, Finn Host, and his charity of choice, the Portsmouth Museums Foundation.
Here are some updated numbers to help you with your guess:
For 2024 the median sales price across Hampton Roads was $348,115, which is up a little over 5% from 2023’s median sales price of $330,000. Here is the chart showing the annual number of homes that sold each year compared to the median sales price and HUD estimated median household income:

As you can see the number of homes sold was almost the same as 2023, but the median price continued to increase. When you look at the statistics from Hampton Roads for December, courtesy of our local MLS the Real Estate Information Network (REIN), you will see percentages and prices up almost across the board:

Interestingly, December’s median sales price is higher than the median sales price for the entire year. Also, the number of active listings, pending sales, and settled sales are up by double digit percentages. You may have seen some national headlines about the total number of homes sales going down. While those headlines are technically correct, the decrease in total sales nationally was less than one percent.
What are our thoughts? At the risk of sounding like a broken record, unless interest rates stay above 7% for the entire year, we think the median sales price will inch up again and the total number of sales will stay roughly in the same ballpark.
Of course, each individual property is different, so give us a call (757-726-7653 for Lee, 757-434-9084 for Harry) or reply back to this email, and we will be happy to talk through your individual situation.
Don’t forget to email us back with your guess for the 2025 median sales price.
Click HERE for previous editions of this newsletter

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