HAMPTON — The number of homes for sale during August was unchanged from the month prior, while the median selling price also remained the same, according to data from the Real Estate Information Network.
“Buyers have more homes to choose from than any month in more than three years,” said Barbara Wolcott of Berkshire Hathaway Home Services RW Towne Realty and Board President of REIN’s Board of Directors. “Mortgage rates are at a 10-month low, which is also good for potential buyers.”
Wolcott said that Freddie Mac — The Federal Home Loan Mortgage Corporation — reported rates are currently at their lowest point for 2025.
On the Peninsula, REIN said James City County saw the largest year-over-year increase in the number of homes for sale, with 298, which represents a 47.5% jump. Gloucester, with 100, was the only community to see a decline in the number of homes for sale and a 6.5% decrease year-over-year.
Of the Peninsula communities with more than 50 settled sales during the month, James City County (98 sales) also saw the highest MSP, $535,000, or a year-over-year increase of 9.9%. York County homes sold (79) recorded an MSP of $471,500, it added.
REIN is the region’s 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.
August data points for the Peninsula according to REIN:
- Active residential listings for August totaled 1,585, the same as it was in July, but up 24% year-over-year from 1,277 in August 2024.
- Pending sales for the month were 598. That’s down from 621 in July, but up from 588 in August 2024.
- Settled sales for the month totaled 617. That’s down from 651 in July, and down 4.2% from 644 in August 2024.
- Median sale price (MSP) of homes sold in August was $345,000, the same as it was in July. The MSP was up 4.5% year-over-year from $329,961 in August 2024.
- Month’s Supply of Inventory (MSI) was 2.81, up slightly from 2.80 in July, and up from 2.25 in August 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 27. That’s an increase of three days from 24 in July, and up from 21 in August 2024.
- Residential new construction sold via the MLS during the month was 46, compared to 35 the month prior and 49 in August 2024. This represents only new homes sold via REIN MLS.
