Hampton Roads REALTORS® Association Reports Positive Growth in Home Sales and Inventory for July
Chesapeake, VA – The Hampton Roads REALTORS® Association (HRRA) is pleased to announce that the July 2024 Market Indicators Report, prepared by Virginia REALTORS®, reflects continued growth in the local real estate market. The report highlights significant increases in sales activity, pending sales, and inventory across the South Hampton Roads region.
According to the report, there were 1,573 home sales in July, a 7.0% increase from the same period last year. Virginia Beach led this growth with a 10.5% increase in sales, followed closely by Norfolk, which saw a 15.8% rise. Despite this overall growth, Chesapeake experienced a slight decline in sales, with an 8-sale reduction year-over-year.
Pending sales also saw a notable increase, with 949 transactions recorded—a 13.7% improvement compared to July 2023. Chesapeake, Portsmouth, and Norfolk were among the areas with the most significant gains in pending sales, showcasing robust buyer interest throughout the region.
Home prices continue to trend upward in the HRRA area. The median sales price in July reached $360,000, marking a 4.3% increase compared to last year. Virginia Beach’s median price rose to $387,000, while Isle of Wight County experienced the highest year-over-year growth, with a substantial 26.3% increase.
Inventory levels have expanded considerably, providing more options for buyers. At the end of July, there were 3,569 active listings, a 28.5% rise compared to July 2023. Chesapeake and Virginia Beach contributed significantly to this increase, with inventory levels growing by over 28% in both areas.
“We’re encouraged by the steady growth in our local real estate market,” said Kim Georges, HRRA's 2024 President of the Board. “The rise in both sales and inventory is a testament to the resilience and adaptability of our region. We are committed to supporting our members and the broader community as the market evolves.”
As interest rates remain relatively stable, with the 30-year fixed mortgage rate at 6.49% and the 15-year fixed rate at 5.66%, the market shows promising conditions for both buyers and sellers as we move forward into the latter half of 2024.
To access the full report, click here.
