HAMPTON — The Peninsula real estate market for December showed year-over-year increases in the number of active listings, pending sales, settled sales, and the median sales price of homes sold across the region.
This is according to data from the Real Estate Information Network (REIN), the multiple listing service for Hampton Roads.
According to the data, the month’s supply inventory was also up year-over-year, as was the median number of days homes were on the market before they sold.
“Both settled sales and pending sales were up considerably when compared to December 2023, which is a good sign as we head into a new year,” said Gary Lundholm of The Real Estate Group and President of REIN’s Board of Directors. “Likewise, selling prices remain strong, even though some homes are taking a little longer to sell.”
Lundholm pointed out that when compared to the year prior, both pending and settled sales recorded double-digit increases for the month of December.
According to REIN, the year-over-year median selling price is up 3.5% ($323,000 vs. $312,000) across the Peninsula, while the median number of days homes were on the market before selling increased by one day (29 vs. 28).
“While the selling prices of homes in our region are below the statewide average, affordability remains a concern for us all,” he said.
REIN defines the Peninusla as Hampton, Newport News, James City County, York County, Poquoson, Williamsburg, Gloucester, Mathews County and Middlesex County.
December data points for the Peninsula:
- Active residential listings for December were 1,067. That’s down from 1,170 in November, but up 17% from 911 in December 2023.
- Pending sales were 455, down from 481 in November but up 24.6% from 365 in December 2023.
- Settled sales for the month totaled 510, down from 554 in November, but up 4.3% year-over-year from 489 in December 2023.
- Median sale price (MSP) of homes sold in December was $323,000. That’s down from $335,000 in November, and up from $312,000 in December 2023.
- Month’s Supply of Inventory (MSI) was 1.86. It was 2.04 in November and 1.54 in December 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, up from 26 in November, and up from 28 last December.
- Residential new construction sold via the MLS during the month was 34. It was 54 in November and 53 in December 2023. This represents only homes sold via REIN MLS.
