HAMPTON — The Peninsula real estate market saw the number of homes for sale in January increase by nearly 20% when compared to the same month last year, while the median number of days homes were on the market before selling also increased by nine days, according to the multiple listing service for Hampton Roads.
Additionally, while January’s median sales price (MSP) also rose compared to January 2024, it fell by $8,000 from December 2024, it said.
The data comes from the Real Estate Information Network (REIN), the multiple listing service (MLS) for Hampton Roads.
“Additional inventory is always good for prospective homebuyers,” said Barbara Wolcott of Berkshire Hathaway Home Services RW Towne Realty, and President of REIN’s Board of Directors. “The increased number of homes on the market can help drive down prices for buyers, which is especially helpful since mortgage rates continue to climb.”
Wolcott said that although both pending and settled sales were down year-over-year, the local market remains somewhat more resilient when compared to many markets across the nation.
“The final months of 2024 were a little better than expected, especially when you compare Hampton Roads to some other markets,” said Wolcott. “As we begin to exit winter and head into spring having more homes for consumers to choose from will be attractive to homebuyers.”
REIN defines the Peninsula as Hampton, Newport News, James City County, York County, Poquoson, Williamsburg, Gloucester, Mathews County, and Middlesex County.
January data points for the Peninsula:
- Active residential listings for January were 1,122. That’s up from 1,067 in December, and up 19.7% year-over-year from 937 in January 2024.
- Pending sales were 483, up from 455 in December, but down 3% from 498 in January 2024.
- Settled sales for the month totaled 392, down from 510 in December and down just 0.76% year-over-year from 395 in January 2024.
- Median sale price (MSP) of homes sold in January was $315,000. That’s down from $323,000 in December, but up from $299,900 in January 2024.
- Month’s Supply of Inventory (MSI) was 1.95. It was 1.86 in December and 1.59 in January 2024. 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 40, up from 29 in December and up from 31 last January.
- Residential new construction sold via the MLS during the month was 37. It was 34 in December and 39 in January 2024. This represents only homes sold via REIN MLS.
