HAMPTON — Despite a decrease from February in the median number of days homes are staying on the market before selling on the Peninsula, the number of homes for sale on the market during the month of March increased from both February and March 2024.
This is according to data from the Real Estate Information Network, a regional Multiple Listing Service with coverage extending from Williamsburg east to Virginia Beach and south across the North Carolina border. REIN defines the Peninsula as Hampton, Newport News, James City County, York County, Poquoson, Williamsburg, Gloucester, Mathews County, and Middlesex County.
According to the data, there were 5.8% more homes for sale in March (1,187) than in February (1,122), and 26.7% more than one year ago (937).
“One of the challenges for potential homebuyers in recent years has been a lack of homes to choose from, so it’s nice to have the additional inventory in March,” said Barbara Wolcott of Berkshire Hathaway Home Services RW Towne Realty and President of REIN’s Board of Directors. “Another positive factor for the spring buying season is that mortgage rates appear to have leveled off and have decreased when compared to the same time last year.”
Despite a year-over-year increase in the number of homes sold during the month of March, REIN said the median sales price was down when compared to last year, and last month, added Wolcott.
“Lower selling prices, lower mortgage rates, and more homes to choose from are all factors that can help bring buyers into the market as we head into spring,” Wolcott explained.
March data points for the Peninsula:
- Active residential listings for March 1,187 — up from 1,122 in February and up 26.7% year-over-year from 937 in March 2024
- Pending sales for the month were 630 — up from 516 February, but down 5.4% from 666 during March 2024.
- Settled sales for the month totaled 580 — up 45.3% from 399 in February, and up 5% from 552 last year.
- Median sale price of homes sold in March was $315,000. That’s down from $319,500 in February, and down from $320,000 during March 2024.
- Month’s Supply of Inventory was 2.08. It was 1.97 in February and 1.61 in March 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 for the month was 24 — down from 30 days in February, but up five days from 24 in March 2024.
- Residential new construction sold via the MLS during the month was 54, compared to 29 in February and 66 in March 2024. This represents only new homes sold via REIN MLS.
