Thursday, February 22, 2024

Real Estate Inventory Remains Steady, Prices Fall Slightly

Photo by Tierra Mallorca on Unsplash

VIRGINIA BEACH — The Hampton Roads real estate market continues to slow in November as the year winds down, with both pending sales and settled sales declining when compared to the month prior and when compared to the same month last year. 

While mortgage rates and the selling prices of homes are both elevated and impacting the market, sales typically slow during the winter months and around the holiday season according to the Real Estate Information Network (REIN), a regional Multiple Listing Service (MLS) with coverage extending from Williamsburg east to Virginia Beach and south across the North Carolina border. 

“Traditionally, buyers get focused on other things around the holidays and sales see a decline,” said Jon McAchran of AtCoastal Realty and President of the Real Estate Information Network’s Board of Directors. “That said, this is a great time of the year for serious homebuyers since competition will probably be a bit less intense for a couple of months.” 

McAchran said REIN’s data shows that the number of active listings is up when compared to the same month last year. 

“Inflation looks to be trending down and mortgage rates are also beginning to come down. When combined with fewer buyers and a decent amount of inventory, this is a great opportunity for those who are serious about buying a home,” McAchran said. 

The median selling price of homes across Hampton Roads is lower than it has been since April — also a plus for potential homebuyers, REIN said. 

November data points from REIN: 

  • Active residential listings for the month were 3,980. That’s up slightly month-over-month compared to October 2023 (3,968), and up 3.03% year-over-year from 3,863 in November 2022. 
  • Pending sales for November totaled 1,699. That’s down 7.69% compared to October and down 7.16% from November 2022. 
  • Settled sales for the month were 1,690, down 10.77% from October and down 12.12% from November 2022. 
  • Median sale price (MSP) of homes sold during November was $330,000, compared to $330,140 in October and $302,000 a year ago. 
  • Month’s Supply of Inventory (MSI) for November was 1.91, up slightly from 1.88 in October. The MSI for November 2022 was 1.42. 
  • Median days on market (DOM) for the month was 19, as it was in October, and down one day compared to 20 for November 2022. 
  • Residential new construction sold in the MLS during the month was 224, matching the 224 sold last month and up from 200 last year. 

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