Southside Hampton Roads Home Prices Increased in First Quarter of 2024
[HAMPTON ROADS, Va] (May 8, 2024) – Home prices in the Hampton Roads area rose in the first quarter of 2024 as the 30-year fixed mortgage rate ranged from 6.60% to 6.94%, according to the National Association of Realtors®’ latest quarterly report. Compared to one year ago, the median single-family existing-home price in the area covered by the Hampton Roads REALTORS® Association, consisting of Chesapeake, Franklin, Isle of Wight (excluding Smithfield), Norfolk, Portsmouth, Suffolk and Virginia Beach climbed by 5.9% to $339,990.
The median sales price rose 6% over this time last year, but from March to April of 2024 it has remained stable. Currently, at the end of April there were 7,217 new listings on the market with a median days on market of 16 days. “A median of 16 days on market along with 1.6% months of inventory indicates a sellers’ market. Interest rates hovering around 7%, and rising prices have not appeared to impact the demand for housing in Hampton Roads. The association continues to advocate for more housing stock and attainable housing,” explained Dr. Dawn Kennedy, CEO of the Hampton Roads REALTORS® Association.
National Overview
Nationally, more than 90% of metro markets (205 out of 221, or 93%) posted home price gains in the first quarter of 2024. Thirty percent of the tracked metro areas (63 of 221) experienced double-digit price increases over the same period, up from 15% in the fourth quarter of 2023. Seven percent of markets (15 of 221) experienced home price declines in the first quarter, down from 14% in the previous quarter. The national median single-family existing-home price climbed 5% from one year ago to $389,400.
“Astonishingly, greater than 90% of the country’s metro areas experienced home price growth despite facing the highest mortgage rates in two decades,” said NAR Chief Economist Lawrence Yun. “In the current market, rising prices are the direct result of insufficient housing supply not meeting the full demand.”
Among the major U.S. regions, home prices swelled year-over-year 11% in the Northeast, 7.4% in the Midwest, 7.3% in the West, and 3.3% the South.
About the Hampton Roads Realtors® Association
The Hampton Roads REALTORS® Association is an organized group of real estate brokers and agents dedicated to furthering the American Dream of home ownership through protecting private property rights, advancing affordable housing, promoting a vibrant and healthy market, improving the quality of life in the neighborhoods its members serve, and enhancing professional industry standards.
About the National Association of Realtors®
The National Association of Realtors® is America’s largest trade association, representing 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics.
Data tables for MSA home prices (single-family and condo) are posted at https://www.nar.realtor/research-and-statistics/housing-statistics/metropolitan-median-area-prices-and-affordability. If insufficient data is reported for an MSA in a particular quarter, it is listed as N/A. For areas not covered in the tables, please contact the local association of Realtors®.
