As our summer newsletters have highlighted, our local real estate market, especially when compared to the national market, has been strong. That being said, August has felt a bit slower than the previous months to us. Pre-2020, this would not be unusual. Before the pandemic, August was traditionally one of the slowest months of the year for our market but from 2020-2025 the market did not take its traditional break at the end of the summer. This year it feels as the though we are experiencing a pre-2020 type of August locally. We won’t know for sure if our feelings match the numbers until the local real estate stats for the month are compiled and released in September, but we do have the information for July and it is good news. Here is the chart showing our local numbers from the Real Estate Information Network (REIN):
As you can see, the number of homes for sale continues to increase. In fact, July was the first time since May 2020 that we had more than 6,000 homes listed for sale across Hampton Roads. Clearly supply is increasing, and this is leading to a more balanced market.
The statistic we follow the most closely is the month’s supply of inventory (MSI). The MSI, or absorption rate, is calculated by dividing the total number of homes listed for sale by the number of homes that go under contract. For example, if 100 homes are listed and 10 go under contract, that month’s supply of inventory would be 10 months. A balanced market is between 5 and 7 months, and the MSI for Hampton Roads was 2.85 in July, an increase of around 5% from June. Suffolk’s MSI in July was one of the highest across Hampton Roads at 3.75. This was good news for summer buyers in our area because it gave them more choices and potentially more negotiating power.
The good news for sellers is that the median sale price has increased almost 6% when comparing July 2025 to July 2026. In other good news for sellers, while August has felt a bit slower, sales should pick back up in September and October.
If you are thinking about investing in real estate, need help with property management, buying, or selling, 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 through your individual needs and questions!
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