HAMPTON — The real estate market on the Peninsula during October recorded increases across the board when compared to the same month last year, according to data released by the Real Estate Information Network, the multiple listing service for Hampton Roads.
Those increases included active listings and inventory, pending sales, settled sales, median sales price, and the number of days homes were on the market before being sold, it added.
“When compared to October of last year, settled sales were up by 60 units and pending sales were up by 93, which should be helpful for next month’s numbers,” said Gary Lundholm of The Real Estate Group and President of REIN’s Board of Directors. “The strength of the local market was probably due to two things: First, a slight dip in the mortgage rates, and second, the increasing inventory and the availability of a good selection of homes for buyers to choose from.”
Lundholm added that despite the year-over-year increase in selling prices, the Peninsula and Hampton Roads remain affordable areas in which to live, noting the Median Sales Price, which was $326,500 for the Peninsula in September, was still significantly lower than the MSP in the Richmond Metro ($400,000) and in Northern Virginia ($489,999).
“We have a lot to offer when compared to the other metro areas across Virginia. We remain an attractive and affordable locality for homebuyers looking to relocate,” he said.
REIN defines the Peninsula as Hampton, Newport News, James City County, York County, Poquoson, Williamsburg, Gloucester, Mathews County, and Middlesex County.
October data points for the Peninsula according to REIN:
- Active residential listings for the month were 1,208, down slightly from 1,232 in September, but up 15.16% from 1,049 during October 2023.
- Pending sales were 604, up from 584 in September and up 18.2% from 511 in October 2023.
- Settled sales for the month totaled 585, up from 548 in September and up 11.43% from 525 in October 2023.
- Median sale price (MSP) of homes sold was $348,243 — the highest it has ever been. The MSP was $326,500 in September and $310,000 last October — a 12.3% increase.
- Month’s Supply of Inventory (MSI) was 2.12, down slightly from 2.31 in September but up from 1.74 in October 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 29 — the highest total in the past two years. It was 25 in September and 18 in October 2023.
- Residential new construction sold via the MLS during the month was 47. It was 38 in September and 50 in October 2023. This represents only homes sold via REIN MLS.
