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Scott Westfall

2024 Housing Market Recap | Hampton Roads

Updated: 2 hours ago

Looking back at the 2024 housing market is the first step to predicting what’s to come in 2025. In our 2024 housing market recap for Hampton Roads, Virginia, we’ll break down the real estate stats from the past year so you can forecast your best investing move in the new year.



A blog header graphic for an in-depth analysis of the 2024 housing stats for Virginia Beach and Hampton Roads by Scott Westfall with CGP Real Estate in Virginia Beach.


Home Prices

In 2024, the housing market in Virginia Beach and surrounding cities saw the increase in median home sale prices we expected. The southside region of Hampton Roads experienced a  5.59% increase in median sale prices in November compared to the same month in 2023.

Median Home Sale Prices:  up 5.59% on the southside of Hampton Roads YOY ($340,000 in Nov. 2024, from $322k in 2023)

Many hopeful buyers continued to wrestle with affordability issues in 2024. Despite lower demand even in the busy season and elevated interest rates, home prices continued to climb across Hampton Roads.



To break down why house prices didn’t crash in 2024, read our 2025 housing market forecast.





Home Sales

Back in 2023, we shared that home sales were the lowest they had been in ten years in Hampton Roads. This year saw even fewer home sales than 2023, so this year hit a new low for home sales within a decade.


Hampton Roads 2024 Home Sales: Down .50% YOY as of November (13,979 sold in 2023 through Nov., 13,912 in 2024)

Despite this, bidding wars and quick sales were prevalent throughout the market for homes in ideal locations and priced competitively. More of the same followed in 2024. 


We did see a spike in home sales during the fall after mortgage interest rates briefly dropped into the low 6s. Overall, the slow demand in 2024 was due in large part to affordability and inventory issues.




Mortgage Rates

In 2023, mortgage rates jumped significantly after hitting record lows during the pandemic. Rates crept back down in 2024, hitting below 7% early in the year. Nationally, we saw an average rate of around 6.8% throughout 202.


Many potential buyers were hoping to see rates drop even lower than this. When rates dipped closer to 6% in the summer, a surge in home sales followed before cooling down along with rising mortgage interest rates at the end of the year. It showed up that homebuyers are indeed sensitive toward mortgage rate changes right now.



Freddie Mac mortgage rate graph shows U.S. weekly averages from 2009 to 2024. Blue for 30Y FRM at 6.85%, green for 15Y FRM at 6%.


Average Market Time

The average market time, as defined by REIN, measures how long houses stayed on the market before going under contract, and in 2024, this number increased by three days compared to 2023.


While this slight uptick reflects the slower pace of sales in 2024, it also meant inventory had room to grow as homes stayed on the market longer. Despite this increase,  2024’s average market time was only 28 days, which is still remarkably fast and just over half the 50-day average seen in 2019 before the pandemic. 



Inventory

In our housing market predictions for 2024, we forecasted that while inventory would start to increase, we would have to wait until at least the end of 2025 to really see some stability return. The numbers from this year affirm that forecast.


When compared year-over-year, there was almost a 16% increase in active listings in 2024 in the Hampton Roads housing market by November. However, there still are only about 2,403 properties listed on the MLS – so options still felt limited for many would-be homebuyers compared to the 2019 market with 5,000+ active listings.



Graph of active listings in Southside Hampton Roads, from Jan 2016 to Oct 2024, shows fluctuations with peaks and valleys. Area Chart by CGP Real Estate, Virginia Beach, VA.


New listings added to the southside Hampton Roads housing market did increase this year, contributing to inventory growth. There were 8.1% more listings added in 2024 than in 2023.


This translates to about 2,000 more listings added to the market this year compared to last. However, the 22,200 new listings added through November 2024 remain significantly below the 29,600 listed during the same timeframe in 2019.



Bar chart of total listings added from 2018 to 2024 in Hampton Roads, VA, showing year-over-year changes. Highlights include a drop in 2023 and a rise in 2024.

If inventory grows again, will housing prices crash in 2025?



Months Supply of Inventory

One of our favorite indicators to track is the months supply of inventory (MSI). This measure helps us understand the balance between supply and demand in the Hampton Roads housing market. 


MSI measures how long it would take for current listings to sell out if no new supply were added, using the average pace of monthly sales. A healthy, balanced market typically has an MSI of between 2-4 months. 


Over the past four years, however, MSI in Hampton Roads has consistently fallen below two months – often dipping under one month – making things incredibly competitive for buyers.


In 2024, MSI rose above two months in many parts of the region, reflecting the impact of slower demand allowing inventory to grow. Despite this progress, cities like Virginia Beach are still facing critically low MSI. 


Text infographic on a navy background shows "Months’ Supply of Inventory (MSI)" for Southside Hampton Roads as 2.36 months, up from one month.

The MSI at the end of 2024 shows us the benefit of sustained increased mortgage interest rates. While affordability issues remain, elevated rates have created space for much-needed inventory growth.



Rental Properties

This year brought good news and bad news for renters. There were more units available for rent in Hampton Roads – but at a price.


There were more of both new rental listings and total rented units in the area in 2024 when compared to 2023. In general, landlords could take their pick from a pool of applicants as demand for rentals remains high.


Renters continue to face affordability challenges in cities like Virginia Beach. Year-over-year, Virginia Beach's average rents increased $200/month, with a median rent of $2,195.



The Bottom Line

After years of housing market volatility, many of the 2024 Hampton Roads housing market stats show gradual progress toward a more stable real estate market. But despite inventory and MSI growth, rising home prices continue to exacerbate affordability challenges.


To recap our 2024 Recap:

  • Home sales remain at historic lows

  • Inventory is starting to rise again

  • Listings are staying on the market longer than last year

  • More properties are available to rent, but rent prices are high

  • Shifts in mortgage rates reveal shadow demand – buyers waiting to purchase when the numbers are right

  • Inventory remains well below pre-pandemic levels, giving sellers the edge



What do all these housing market stats from 2024 mean for the year ahead? Check out our 2025 Housing Market Forecast here.

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