HAMPTON — Although homes across the Peninsula are taking longer to sell and inventory has increased, selling prices remain high — 2.4% above last year’s level during September according to REIN, a regional Multiple Listing Service (MLS) with coverage extending from Williamsburg east to Virginia Beach and south across the North Carolina border.
The median number of days homes are on the market was 25, up from 21 in August and the highest it has been since January’s 31. Compared to September 2023 when the median days on market was 17, that’s an increase of about a week, REIN said.
The extra days it’s taking to sell some homes in the region is likely due in part to the additional inventory, but it’s also typical for this time of year, said Gary Lundholm of The Real Estate Group and the President of REIN’s Board of Directors.
“If you look at last year, the median days on market increased from 14 in August to 17 in September, and in 2022 it went from 15 in August to 18 in September. So, an increase of a few days is very typical as we transition to fall.”
Lundholm said that barring a dramatic decrease in mortgage rates, the number of days homes stay on the market will continue to increase as the holidays and colder weather approach. And while some homes are taking longer to sell, REIN said it isn’t impacting prices as much as might be expected.
While the median sales price (MSP) across the region is down slightly from August, the MSP remains above the same month last year. “Affordability is a concern for everyone, so we’re always watching prices,” he said. “Everyone should have the opportunity and the ability to own a home.”
REIN is the leading provider of real estate data in Hampton Roads, with more than 8,500 active licensees. It defines the Peninsula as Hampton, Newport News, James City County, York County, Poquoson, Williamsburg, Gloucester, Mathews County, and Middlesex County.
REIN’s September data points for the Peninsula
- Active residential listings for the month were 1,232. That’s down 3.5% from 1,277 in August but up 22.5% from 1,006 last year.
- Pending sales were 584, down 5.5% from 618 in August but up 4.5% from 559 last September.
- Settled sales for the month totaled 548. That’s down 14.9% from 644 in August and down 4.7% from 575 last year.
- Median sale price (MSP) of homes sold was $326,500. It was $329,961 in August and $319,000 last September.
- Month’s Supply of Inventory (MSI) was 2.31. It was 2.25 in August and 1.65 last year. 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 25, compared to 21 in August and 17 in September 2023.
- Residential new construction sold via the MLS during the month was 38. It was 49 in August and 48 in September 2023.
