HAMPTON — The number of pending sales has increased month-over-month for the fourth straight month, according to the Real Estate Information Network, while during the same four-month period, active listings have continued to climb, increasing by 12% since January.
However, buyers on the Peninsula paid more for the homes they purchased, with the median selling price for April jumping 5.4% from March.
“We’ve seen small increases in inventory each month, which is good, since there is some uncertainty in the economy, with jobs and mortgage rates,” said Barbara Wolcott of Berkshire Hathaway Home Services RW Towne Realty and President of REIN’s Board of Directors. “Hopefully in the next couple of months, the additional inventory will help keep selling prices level and attract even more potential buyers.”
REIN is a regional Multiple Listing Service with coverage extending from Williamsburg east to Virginia Beach and south across the North Carolina border. It defines the Peninsula as Hampton, Newport News, James City County, York County, Poquoson, Williamsburg, Gloucester, Mathews County and Middlesex County.
Wolcott said that the number of homes on the market in April — 1,364 — was at its highest in nearly two years.
“The next couple of months should be among the busiest of the year. Home sellers are already doing their part, so hopefully home buyers will find plenty of homes to choose from and the added inventory will help keep those selling prices more affordable for them.”
April data points for the Peninsula:
- Active residential listings for April totaled 1,364. That’s up from 1,187 in March and up 33% year-over-year from 1,023 in April 2024.
- Pending sales for the month were 688, up from 630 in March. However, pending sales were down slightly year-over-year from 694 during April 2024.
- Settled sales for the month totaled 567, down from 580 the month prior and down year-over-year from 623 in April 2024.
- Median sale price (MSP) of homes sold in April was $332,000. The MSP was $315,000 in March and was $329,800 in April 2024.
- Month’s Supply of Inventory (MSI) was 2.41, up from 2.08 in March and up year-over from 1.74 in April 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 19, down from 24 in March, but four days more than 15 in April 2024.
- Residential new construction sold via the MLS during the month was 40, compared to 54 in March and 62 in April 2024. This represents only new homes sold via REIN.
