HAMPTON — The median selling price of homes sold during May reached a record high for the Peninsula, despite a slight decrease in the number of homes sold, according to the Real Estate Information Network.
REIN, a regional multiple listing service serving members located in 15 cities and counties, with offices in Hampton, Virginia Beach, and Portsmouth, defines the Peninsula as Hampton, Newport News, James City County, York County, Poquoson, Williamsburg, Gloucester, Mathews County and Middlesex County.
For the month, 645 sales were closed, with the MSP coming in at $350,000, according to REIN, a slight increase over the previous high of $347,645, set during the month of June of last year.
“After quite a few years of a very tight market, consumers who are looking to buy a home this summer should be very pleased with the selection they have right now,” said Barbara Wolcott of Berkshire Hathaway Home Services RW Towne Realty, Board President of REIN. “Inventory is also at its highest point in nearly five years, so buyers have plenty of homes to choose from.”
Wolcott said that during May, there were 1,409 homes actively listed for sale by REIN on the Peninsula — the most during any month in quite a few years.
“Here in Hampton Roads, it’s still not technically a balanced market, but buyers certainly have more selection than they’ve had in quite some time,” she said.
The real estate market is generally said to be balanced when the month’s supply of inventory is between 5.0 and 7.0. MSI is a calculation of how many months there would be homes on the market if no new inventory was added, REIN explains. The last time the Hampton Roads region saw an MSI of over 5.0 was eight years ago, in July 2017, when it was 5.04. In May, the MSI for the Peninsula itself was 2.51 — the highest it has been in many years.
May data points for the Peninsula:
- Active residential listings for May totaled 1,409. That’s up from 1,364 in April and up 30.8% year-over-year from 1,077 in May 2024.
- Pending sales for the month were 730, up from 688 in April, and up 5.3% from 693 in May 2024.
- Settled sales for the month totaled 645. That’s up from 567 in April, but down 6.9% from 693 in May 2024.
- Median sale price (MSP) of homes sold in May was $350,000. In April was $332,000, and in May 2024 it was $340,000.
- Month’s Supply of Inventory (MSI) was 2.51, up from 2.41 in April and up year-over-year from 1.84 in May 2024.
- Median days on market (DOM) for the month was 19, the same as it was in April, but three days more than 16 for May 2024.
