REINCheck

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You're listening to REINCheck with Andrea Rice, Contracts and Industry Specialist at REIN, where you get the latest member news and information delivered straight from the source, REIN MLS.

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Andrea Rice
Hello and welcome to REINCheck. I'm your host, Andrea Rice, and today we are checking in with REIN’s Data Administrator, Josh Garbin, for a discussion on mid-year stats to see how the 2025 housing market is shaping up in Hampton Roads. Josh, thank you so much for taking time out of your busy schedule to be here today.

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Josh Garbin
Thank you, Andrea. I'm glad to be here.

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Andrea Rice
Yeah, it's always nice to have you on. And if, anyone out there has been listening, Josh usually comes out and gives us a mid-year update and an end of the year update. We always appreciate some good information. So, Josh, can you start by giving us a bit of a mid-year update? What do the numbers tell us and how do these numbers compare to where we were

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Andrea Rice
maybe last year?

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Josh Garbin
Absolutely. So just like last year's mid-year, I'm going to start with the month's supply of inventory or MSI. So anything further I'm going to say is MSI, month’s supply. So this number represents the number of months it would take, to completely remove inventory, all inventory if there were no new listings added. So a balanced market is considered between 5 and 7.

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Josh Garbin
And currently the MSI for May was 2.59. Now, when I looked at December of 2024, it was 1.97. So this is what we would consider a seller's market. Although we're in the seller's market, this is a bit of a raise as compared to last year. And I looked at MSI was 2.07 for May of 2024.

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Josh Garbin
Now, to look over just in general, there were, about 3,800 listings that were entered in May of 2025. So that's up compared to when we looked in December itself at 1,980. And it took a look at both year to date 2025 and 2024. So January to May. And there were about 15,000 listings. So 5,975 listings added.

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Josh Garbin
And in 2024 there was 15,218. And then I also took a look at pending as well. There were about 2,500, 2,582 to be exact, for May of 2025 and 1,662 in December of 2024. And then overall, I took a look at settled sales. So there were about 2,445 settled sales, residential, in May of 2025, and 1,901, in December of 2024.

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Andrea Rice
All right. Interesting. So it looks like the, you know, supply is going up. The settled sales are going up, but we're still a ways off from a truly balanced market.

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Josh Garbin
Yes, absolutely.

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Andrea Rice
And we often talk about resale stats. But the rental market has been changing really rapidly over the last few years as well. So can you give us a glimpse of what is going on with the rental market?

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Josh Garbin
Yeah. So, year to date there have been about 4,052 rentals entered. So compared to this time last year, were up slightly. There were 3,973. And then overall, looking at December 2024, 9,850 were entered all of last year. So looking at also after, you know, being entered, I took a look at those that were marked as rented or rented rentals.

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Josh Garbin
There were 3,338 rentals, that were rented year to date, which is slightly down from the same time last year, 3,451. Not too much of a difference, but when you look at, numbers of all last year, there were 8,187 rented in 2024. So we still have time to go in and, see more, to be rented.

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Josh Garbin
The median rental price for rented rentals, May 2025 is $2,000. It's up from last year's price of $1,970 year to date, which is generates made the, rental price for rented rentals. Median is $1,995, which is up from 1985 the same time last year.

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Andrea Rice
Yeah. So those rental prices are slowly inching up. Okay. Josh, do you see any statistical patterns that emerge when you look at the overall data?

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Josh Garbin
Yes. One trend that has stayed consistent is the rise in median selling median selling prices of homes. We talked about the rentals going up. Median selling price is going up as well. In May of 2025, median sale price or MSP was $368,900, which is up from both December of 2024 when it was at $355,000. And last May, when it was $352,392.

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Josh Garbin
The reason why these numbers are the kind of seem like not whole numbers is because sometimes when you have an even number of homes that are for sale, the way you would take a look at a median has a little bit of a calculation. The median takes a look at the direct middle of the data. But sometimes when you actually have an even number, that's why you get, something like $352,392.

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Josh Garbin
But when taking a look at that, specific trend, there's no surprise that when you take a look at the median sale price going up, you know, when you compare this to the MSI we spoke on earlier, the lower inventory is really dropping those prices.

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Andrea Rice
Right. Yes, definitely. And thanks for describing or explaining the median sale price because that's different than average.

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Josh Garbin
Correct. So when you do median you're taking a look at the whole of the set of data and you're looking at the direct middle. But when you do average you're taking a look at everything. So specifically I've been taking a look at some of the data here. Some things are up that might mean that there are more homes, towards the higher side from the median

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Josh Garbin
than the lower side. So it's just another way to look at the data I prefer median.

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Andrea Rice
Right. Thank you. So your stats guy obviously as we have seen here today right. So how can our members use stats to set themselves apart? Maybe some insight into how these numbers translate into the real world for them.

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Josh Garbin
Absolutely. So these stats are just another tool in the toolbox. The stats will help you gain an understanding of the market in our area. So that could translate to listing appointments or it could help, you know, puts you in the best possible, offer for your clients. These numbers really help to set expectations. I think that's the number one thing.

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Josh Garbin
Setting expectations. When you add these stats, whether it be from Domus Analytics, Matrix, or even the numbers from the stat reports, they can really help to add to your presentations.

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Andrea Rice
Yes. Thank you. Definitely. And we actually are going to be recording a new episode on Domus. So be sure to check that out when that comes out because a lot of great information there. So Josh, do you have anything else that you would like to add before we sign off? Any parting thoughts or tips for our members?

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Josh Garbin
Absolutely. So on REINMLS.com, there are multiple ways to access stats. I talked about this earlier, but also the stat reports. So we offer stats that are run by us at REIN, as well as the products that you can use to run your own stats. So there's Dums Analytics and REINMLS.com. There's some options to run stats in Matrix.

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Josh Garbin
And then also you can access, like I said to the stats on REINMLS.com. Of course if you have any questions please reach out to REIN's product support department and we will be happy to answer any of them.

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Andrea Rice
Thanks, Josh. Yeah. So reach out to them. There's a lot of great tools, and stats are really something that I think people like to look at. You know, clients will like to look at them as well. I think they're a powerful tool. So thank you, Josh. That was a lot of great information. And thank all of you for listening.

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Andrea Rice
I hope you enjoyed this episode of REINCheck and if you missed any of the previous episodes, I do invite you to go to REINMLS.com to take a listen, and if you have not done so already, please make sure you subscribe to REINCheck so that you get new episodes delivered directly to you when they are released.

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Andrea Rice
Thank you and have a great rest of your day.

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VO
You've been listening to REINCheck with Andrea Rice. Stay in the know from those who know. Delivered straight from the source, REIN MLS.