HAMPTON — Home buyers on the Peninsula saw a slight dip in selling prices as the number of homes for sale on the market continues to increase in July, according to data from the Real Estate Information Network, the multiple listing service that serves Hampton Roads.
“Interest rates have been holding steady, and active listings remain high, giving buyers more options,” said Barbara Wolcott of Berkshire Hathaway Home Services RW Towne Realty and Board President of REIN’s Board of Directors. “While July’s selling prices on the Peninsula increased from last year, they fell by $20,000 from June’s median selling price (MSP).”
REIN said June’s MSP was $365,000 — a record high. For July it dropped 4.5% to $345,000.
Additionally, Wolcott said that 1,585 homes were listed for sale during the month, the highest number in many years. By comparison, in July 2021, only 1,260 homes were listed for sale.
All of the communities on the Peninsula except Middlesex County saw double-digit increases in year-over-year active listings, led by James City County’s 75.8% jump.
York County had the highest year-over-year increase in settled sales, at 22%, while Newport News had the most closings with 180.
James City County had the highest MSP at $528,750, with 118 closings. Williamsburg had an MSP of $624,950, however, there were just six sales via REIN MLS, it said.
REIN is a regional multiple listing service, serving members located in 15 cities and counties, with offices in Hampton, Virginia Beach, and Portsmouth. It defines the Peninsula as Hampton, Newport News, James City County, York County, Poquoson, Williamsburg, Gloucester, Mathews County and Middlesex County
REIN’s July data points for the Peninsula:
- Active residential listings for July totaled 1,585, up from 1,468 in June and up 28.8% from 1,231 in July 2024.
- Pending sales for the month were 621. That’s down from 683 in June, and up 1.4% from 612 in July 2024.
- Settled sales for the month totaled 651. That’s down from 710 in June, but up 1.9% from 639 in July 2024.
- Median sale price (MSP) of homes sold in July was $345,000. That’s down from $365,000 in June, but up 4.5% year-over-year from $330,000 in July 2024.
- Month’s Supply of Inventory (MSI) was 2.80, up from 2.60 in June and up from 2.13 in July 2024. MSI is a calculation of how many months there would be homes on the market if no new inventory was added.
- Median days on market (DOM) for the month was 24, an increase of six days from 18 in June. The DOM for July 2024 was also 18.
- Residential new construction sold via the MLS during the month was 35, compared to 52 the month prior and 36 in July 2024. This represents only new homes sold via REIN MLS.
