Sunday, February 25, 2024

Seller’s Market Continues in Hampton Roads

Home sales. Photo by Maria Ziegler on Unsplash

VIRGINIA BEACH — Despite tight inventory and mortgage rates that are higher than they’ve been in recent years, the Hampton Roads housing market continues to belong to home sellers according to the Real Estate Information Network (REIN).

The median sales price (MSP) of all homes sold across the region for the month of July stood at $340,000 — the second-highest monthly MSP on record, it said, adding while selling prices remain strong and inventory is slowly creeping up, pending sales and settled sales were down both month-over-month and year-over-year.

“Despite pending sales and settled sales being lower than we might like them to be, it’s still a good time to sell a home and sellers are still in control,” said Jon McAchran of AtCoastal Realty and REIN Board President. “Most homes are still selling for the list price, and most homes are still selling quickly.” 

McAchran said that at just 12 days, the median days on market (DOM) for homes sold via the MLS this July was the same as it was last July, and just one day higher than the DOM for July 2021, when the “pandemic” market was in full swing. 

“The buyers are still out there and regardless of prices or mortgage rates or inflation, when they find a home they want they’re willing to move, and to move quickly,” said McAchran. 

July data points from REIN: 

  • Active residential listings for July were 3,452. That’s up 2.55% from 3,366 in June, and down 16.4% from 4,129 in July 2022. 
  • Pending sales stood at 2,265. That’s down 10% from 2,517 in June, and down 15.4% from 2,777 in July 2022. 
  • Settled sales during the month were 2,316. That’s down 13.2% from 2,667 in June, and down 20.4% from 2,909 in July 2022. 
  • Median sale price (MSP) of homes sold in the region during July was $340,000, down 1.45% from $345,000 in June, and up 5.4% from $322,500 in July 2022. 
  • Month’s Supply of Inventory (MSI) for July was 1.54. That’s up from 1.47 month-over-month, and up from 1.37 year-over-year. MSI is a calculation of how long there would be homes on the market if no new inventory was added. July’s 1.54 marks the highest the MSI has been since November 2020. 
  • Median days on market (DOM) for residential listings was 12, up one day from 11 in June. The DOM was also 12 in July 2022. 
  • Residential new construction sold in the MLS during the month was 202, compared to 257 last month and 237 last year. 

The Real Estate Information Network is the Multiple Listing Service (MLS) for the region.

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