HAMPTON — Despite being three days shorter in length — and a few days of very snowy weather — the Peninsula real estate market for February showed improvement compared to January, according to data from the Real Estate Information Network, the multiple listing service for Hampton Roads.
Both pending and settled sales increased. When comparing February 2025 to the same month in 2024, however, both settled sales and pending sales were lower, while active listings and the median selling price showed improvement.
REIN defines the Peninsula as Hampton, Newport News, James City County, York County, Poquoson, Williamsburg, Gloucester, Mathews County and Middlesex County.
“Having more homes on the market is good for home buyers, while strong selling prices are good for home sellers,” said Barbara Wolcott of Berkshire Hathaway Home Services RW Towne Realty and President of REIN’s Board of Directors. “And in recent weeks, mortgage rates have been inching down, which is good news for everyone. If that trend continues, it should help market activity as we head into the spring homebuying season.”
Wolcott said that homes remained on the market a bit longer than they did last year, with the median number of days homes are on the market before being sold standing at 30 for February, which is eight days longer than the median number of days from February 2024 (22).
“The number of active listings is up nearly 17% from the same month last year,” she said. “When consumers have more choices, they don’t feel quite as much pressure to make a quick decision.”
February data points for the Peninsula:
- Active residential listings for February totaled 1,122, down from 1,222 in January but up 16.6% year-over-year from 962 in February 2024.
- Pending sales were for the month were 516. That’s up from 483 in January, but down 10% from 575 during February 2024.
- Settled sales for the month totaled 399. That’s up slightly from 392 in January, but down 15.8% from 474 last year.
- Median sale price (MSP) of homes sold in February was $319,500, up slightly from January’s MSP of $315,000. The MSP for February 2024 was $314,000.
- Month’s Supply of Inventory (MSI) was 1.97. It was 1.95 in January and 1.63 in February 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 30. That’s down from 40 days in January, but up eight days from 22 in February 2024.
- Residential new construction sold via the MLS during the month was 29, compared to 37 last month. It was 54 in February 2024. This represents only new homes sold via REIN MLS.
