Friday, June 21, 2024

Peninsula Real Estate Market Robust During April

HAMPTON — The real estate market for April proved to be a robust one across the Peninsula, despite stubbornly high mortgage rates, according to the Real Estate Information Network (REIN).

REIN is a regional Multiple Listing Service (MLS) with coverage extending from Williamsburg east to Virginia Beach and south across the North Carolina border. 

According to data compiled by REIN, not only were pending and settled sales up both month-over-month and year-over-year, but inventory continues to increase as well, with the number of active and new listings increasing when compared to March and to April 2023.

“The combination of increased sales and increased inventory is a positive development for the local market,” said Gary Lundholm of The Real Estate Group and President of REIN’s Board of Directors. “When there are more homes on the market, buyers are much more likely to find a home that is right for their family’s needs.”

Despite rising inventory, Lundholm pointed out that the Median Sales Price (MSP) for the month hit $329,800 — a year-over-year increase of nearly 11% for homes sold on the Peninsula.

“Even though mortgage rates remain around seven percent, consumers are willing to spend what they need to in order to get the home they want,” he said. “Likewise, our member agents are doing a great job helping their clients find the perfect home for their families.”

REIN MLS has more than 9,000 members and is the leading provider of real estate data in Hampton Roads. REIN defines the Peninsula as Hampton, Newport News, James City County, York County, Poquoson, Williamsburg, Gloucester, Mathews County, and Middlesex County.

REIN’s April data points for the Peninsula:

  • Active residential listings for the month totaled 1,023, compared to 937 in March and 849 in April 2023. 
  • Pending sales for the month were 694, compared to 666 in March and 670 in April 2023. 
  • Settled sales for the month totaled 623, compared to 562 in March and 562 in April 2023. 
  • Median sale price (MSP) of homes sold during April was $329,800, compared to $320,000 in March and $297,512 in April 2023. 
  • Month’s Supply of Inventory (MSI) was 1.74, compared to 1.61 in March and 1.27 in April 2023. MSI is a calculation of how many months there would be homes on the market if no new inventory were added, according to REIN. 
  • Median days on market (DOM) for the month was 15, down from 19 in March. 
  • Residential new construction sold via the MLS during the month was 62, compared to 66 in March and 49 in April 2023. 

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