HAMPTON — While the median selling price (MSP) of homes across the Peninsula during July dropped slightly compared to June’s record high, inventory continued to increase according to the Real Estate Information Network (REIN), the multiple listing service (MLS) serving Hampton Roads.
The number of homes for sale — 1,231 — during the past month climbed to its highest point in more than three years.
“We’re happy to see pending sales up over last month,” said Gary Lundholm of The Real Estate Group and President of REIN’s Board of Directors. “Likewise, an increase in active listings offers more choices for home shoppers and is certainly helping to stabilize selling prices.”
Lundholm said that affordability remains a concern, with the MSP for the Peninsula at $330,000 on 639 homes sold during July.
“While the MSP for homes sold on the Peninsula remains steady, we’re still below the national average,” he said. “Hopefully mortgage rates will continue to drop. That will further bolster affordability for consumers and perhaps also enhance sales volume for our members.”
Although the MSP of $347,645 in June was an all-time high for the Peninsula, REIN said it was still significantly less than the national MSP for June of $426,900 and even further below the statewide MSP for Virginia during that month, which was $431,380.
“Our members are very knowledgeable about the local market and they work hard to serve home buyers and home sellers on the Peninsula,” Lundholm said.
REIN defines the Peninsula as Hampton, Newport News, James City County, York County, Poquoson, Williamsburg, Gloucester, Mathews County, and Middlesex County.
REIN’s July data points for the Peninsula:
- Active residential listings for July totaled 1,231, compared to 1,138 in June and 897 in July 2023, a 37% increase.
- Pending sales for the month were 656, compared to 626 in June and 615 in July 2023.
- Settled sales for the month totaled 639, compared to 668 in June and 656 in July 2023.
- Median sale price (MSP) of homes sold during July was $330,000, compared to $347,645 in June and $330,250 In July 2023.
- Month’s Supply of Inventory (MSI) was 2.13, compared to 1.97 in June and 1.43 in July 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 18, compared to 16 in June.
- Residential new construction sold via the MLS during the month was 36, compared to 61 in June and 45 in July 2023.
