Saturday, July 13, 2024

Report: Peninsula Inventory Increases in May, As Do Prices

HAMPTON — The number of homes for sale in the Peninsula real estate market, as well as the prices for the homes being sold, continued to climb during the month of May according to data from the Real Estate Information Network, the multiple listing service in Hampton Roads.

According to the Real Estate Information Network (REIN), the number of homes on the Peninsula that were listed in the MLS totaled 1,077 — the most inventory in over a year. Likewise, the Median Sales Price (MSP) of homes sold across the Peninsula hit a new all-time high for a single month, reaching $340,000.

“You have to go back quite a way to find this much selection available for buyers,” said Gary Lundholm of The Real Estate Group and President of REIN’s Board of Directors. “As a matter of fact, the number of Peninsula homes listed in the MLS has increased year-over-year by just over 30%.”

REIN defines the Peninsula market as Hampton, Newport News, James City County, York County, Poquoson, Williamsburg, Gloucester, Mathews County, and Middlesex County.

Lundholm said that while many things factor into the selling price of homes, the high MSP — while good for home sellers — is somewhat concerning for potential home buyers.

“Obviously, when prices grow at this rate, it becomes challenging for many potential buyers, whose income isn’t keeping pace with the other increases they’re facing. Ensuring there is enough available and enough affordable housing for everyone is a concern for us all,” he said.

The MSP in May 2023 was $320,000. That’s an increase of 6.25% in just one year.

REIN’s April data points for the Peninsula:  

  • Active residential listings for the month totaled 1,077 compared to 1,023 in April and 826 in May 2023. 
  • Pending sales for the month were 737, compared to 694 in April and 832 in May 2023.
  • Settled sales for the month totaled 693. That’s up slightly from 623 in April but down from 734 in May 2023. 
  • Median sale price (MSP) of homes sold during May was $340,000. That’s up slightly more than 3% from $329,800 in April, and up 6.25% from $320,000 in May 2023. 
  • Month’s Supply of Inventory (MSI) was 1.84. It was 1.74 in April and 1.26 in May 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 16, compared to 15 in April. 
  • Residential new construction sold via the MLS during the month was 60 compared to 62 in April and 61 in May 2023. 

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