While the real estate market in Hampton Roads remained mostly flat for the month of May when compared to the same month last year, settled sales increased month-over-month by 297 closings, or 13.6%, when comparing May to April.
For the month, settled sales and the median selling price (MSP) increased by less than 2% year-over-year, while pending sales were up 5.9% and active listings were up by 4.5%.
"Locally we’re seeing year-over-year resilience, especially in selling prices," said John Chandler of Berkshire Hathaway HomeServices RW Towne Property Management and the President of REIN's Board of Directors for 2026. "Even though buyers had more choices, the additional inventory didn’t negatively impact selling prices, nor did the interest rates.”
Chandler said that although some homes were taking longer to sell, the median number of days homes were on the market (18) was down one day when compared to April.
Of the Seven Major Cities in the region, Portsmouth recorded the largest year-over-year increase in the MSP at 5.54% ($290,000). Suffolk was the only city to show a year-over decrease, with the MSP falling 7.88% to $391,500.
Of the smaller cities/counties, the MSP for James City County rose 8.63% ($535,000), while the MSP for Smithfield and the Isle of Wight fell 6.34% ($418,384).
REIN is the multiple listing service in Hampton Roads and the leading provider of real estate data for the region, with offices in Virginia Beach, Hampton, and Portsmouth.
May data points from REIN:
*Active residential listings for May totaled 5,512, up from 5,412 in April and up 4.47% from 5,276 in May 2025.
*Pending sales for the month stood at 2,630, up from 2,558 in April, and up 5.96% from 2,482 in May 2025.
*Settled sales totaled 2,485. That’s up from 2,188 in April and up 1.64% from 2,445 in May 2025.
*Median sale price (MSP) of homes sold during the month was $375,000, compared to $369,900 the month prior. The MSP was up $6,100 from $368,900 in May 2025.
*Month’s Supply of Inventory (MSI) for May was 2.60. It was 2.56 in April and 2.59 in May 2025. MSI is a calculation of how many months there would be homes on the market if no new inventory was added.
*Median days on market (DOM) for the month was 18. It was 19 in April, and also 18 days in May 2025.
*Residential new construction sold via the MLS during the month was 210, compared to 236 in April and 224 in May 2025. This represents only new homes sold via REIN MLS.
