HAMPTON — The Peninsula real estate market saw improvement during the month of September when compared to the same month last year according to data from the Real Estate Information Network, the multiple listing service for the region.
REIN said the market saw increases in pending sales, settled sales and selling prices.
“After many months of inventory gains, the number of homes for sale actually fell during September,” said Barbara Wolcott of Berkshire Hathaway Home Services RW Towne Realty, President of REIN’s Board of Directors. “It probably shouldn’t be a surprise, though. Mortgage rates had been falling for a while, tempting buyers to get back in the market.”
Wolcott said that while the median selling price for September was $350,000, up 7.2% from last year, it increased just 1.4% from $345,000 in August.
REIN said the Peninsula markets recorded 101 fewer active listings for September than for August, while the Southside markets saw 610 fewer. Year-over-year, pending sales were up 8.5% on the Peninsula (634) and 9.8% on the Southside (1,518). Settled sales were also up from last year, with an increase of 2.5% on the Peninsula (562) and 8.5% on the Southside (1,461).
REIN is the leading provider of real estate data in Hampton Roads, 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 September data points for the Peninsula:
- Active residential listings totaled 1,484, down from 1,585 in August, but up 20.5% from 1,232 in September 2024.
- Pending sales for the month stood at 634. That’s up from 598 in August, and up 13.82% from 557 year-over-year.
- Settled sales totaled 562. That’s down from 617 in August, but up 2.5% from 548 in September 2024.
- Median sale price (MSP) of homes sold was $350,000, up from $345,000 in August, and up 7.2% from $326,500 during September 2024.
- Month’s Supply of Inventory (MSI) for September was 2.63. That’s down from 2.81 during August, but up from 2.31 year-over-year. 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 32. That’s an increase of five days from 27 in August, and up seven days from 25 in September 2024.
- Residential new construction sold via the MLS during the month was 37, down from 46 in August and down from 38 year-over-year. This represents only new homes sold via REIN MLS.
