HAMPTON — The number of homes sold on the Peninsula increased in June and the median selling price of those homes sold hit another record high, according to the Real Estate Information Network, a regional multiple listing service.
REIN defines the Peninsula as Hampton, Newport News, James City County, York County, Poquoson, Williamsburg, Gloucester, Mathews County and Middlesex County.
“Most of our data points were up in June compared to both the month prior and the year prior,” said Barbara Wolcott of Berkshire Hathaway Home Services RW Towne Realty, Board President of REIN. “There are significantly more homes for sale now than there have been for quite some time, and interest rate stability seems to be keeping buyers interested.”
According to REIN data, the number of homes closed during June was up slightly from May, and up 6.3% when compared to June 2024. The MSP of homes sold — the selling price of the home in the very middle of the pack — reached its highest point ever for the Peninsula at $365,000. That represents a 5% increase from the same month last year.
Wolcott said that in addition to settled sales and the MSP, the region also saw year-over-year increases in pending sales and active residential listings.
“Active listings were up 29% on the Peninsula and 24% on the Southside,” she said. “Despite the increase in the number of homes sold, we have more inventory for buyers to choose from than we have had in quite some time.”
REIN is a regional multiple listing service, serving members located in 15 cities and counties, with offices in Hampton, Virginia Beach, and Portsmouth.
June data points for the Peninsula:
- Active residential listings for June totaled 1,468, up from 1,409 in and up year-over-year 29% from 1,138 in June 2024.
- Pending sales for the month were 683. That’s down from 730 in May, but up 12.9% from 605 in June 2024.
- Settled sales for the month totaled 710. That’s up from 645 in May, and up 6.3% year-over-year from 668 in June 2024.
- Median sale price (MSP) of homes sold in June was $365,000 — another record high. That’s up from $350,000 in May and up 5% from $347,645 in June 2024.
- Month’s Supply of Inventory (MSI) was 2.60. That’s up slightly from 2.51 in May and up year-over-year from 1.97 in June 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 18, down from 19 in May and up from 16 in June 2024.
- Residential new construction sold via the MLS during the month was 52, compared to 34 the month prior and 62 in June 2024. This represents only new homes sold via REIN
