Before we talk about this month’s update, we wanted to start with a short follow up from last month’s email. We answered one of our most frequently asked questions, “When is the best time to sell?” If you missed it, or just wanted to re-read it, you can find it on our blog HERE. Shortly after we sent that newsletter, our local MLS, the Real Estate Information Network (REIN), came out with this chart showing the change in the total number of sales from one month to the next from 2015-2024. As you can see, the number of sales increased each year from April to May, offering evidence to support the answer to our most FAQ we gave last month. Here is the chart:
Moving back to this month’s update, the total number of homes for sale continues to rise, and in fact the 4,980 homes that were for sale in April 2025 was the highest number of listings since August of 2020. Also, the MSI (month’s supply of inventory) was 2.44 months in April 2025 which is the highest number we have seen since May 2020. The median sales price for Hampton Roads was $350,000 which is up 1.74% from last April. Here is the chart, courtesy of REIN:
Keep in mind that while numbers are certainly trending in the buyer’s favor, based on the MSI we are still officially in a sellers’ market. It will be interesting to see what the rest of the summer brings.
Of course every situation is different, so If you are thinking about buying, selling, investing in real estate, or need help with property management, give us a call (757-726-7653 for Lee, 757-434-9084 for Harry) or reply back to this email. We love real estate and are always happy to talk.
Click HERE for previous editions of this newsletter
What’s Happening in Suffolk
31 Women Art Exhibit
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TGIF Summer Concert Series – Good Shot Judy
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Miss Lilly’s Trading Post Outdoor Open Market
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