HAMPTON — Although the number of homes that were for sale during March was down from February, it was up when compared to the same month last year, according to the most recent data from the Real Estate Information Network (REIN).
REIN, the multiple listing service serving Hampton, Newport News and other Peninsula markets, said the data shows that although active listings were down from the month prior, they were up more than 12% from the year prior, while both pending sales and settled sales were up month-over-month.
“More inventory means more choices for consumers, which is a good thing,” said Gary Lundholm of The Real Estate Group and President of REIN’s Board of Directors. “And as we head into spring and summer, having that additional inventory will hopefully help keep prices more affordable for buyers, while still ensuring home sellers get a fair return.”
Lundholm said that active listings for March 2023 on the Peninsula were 835, while for March 2022 they were 714 and for March 2021 they totaled 986. However, he added, in March 2020 in REIN’s system, there were 2,054 homes for sale in the Peninsula markets.
“Likewise, the median selling price for homes in March 2020 was $225,000,” he said. “While that market was very different from today’s market, more choices for a buyer means that not only does that buyer have a better chance of finding the right home, but they might also have a bit less competition for the home they want.”
REIN has more than 9,000 members and is the leading provider of real estate data in the Hampton Roads region.
March data points for the Peninsula: (Hampton, Newport News, James City County, York County, Poquoson, Williamsburg, Gloucester, Mathews County, and Middlesex County)
- Active residential listings during the month totaled 937. That’s down 2.6% from 962 in February, but up 12.2% from 835 in March 2023.
- Pending sales stood at 666, up from 608 in February but down from 694 during the same month last year.
- Settled sales for March were 562, up from 474 the month prior, but down from 668 in March 2023.
- Median sale price (MSP) of homes sold during March was $320,000. That’s up from $314,000 in February, and up 6.6% year-over-year from $300,000 in March 2023.
- Month’s Supply of Inventory (MSI) was 1.61, down slightly from 1.63 in February, but up from 1.22 in March 2023. MSI is a calculation of how many months there would be homes on the market if no new inventory were added.
- Median days on market (DOM) for the month was 19, down from 22 last month.
- Residential new construction sold via the MLS during the month was 66, compared to 54 last month and 72 last year.
