Thursday, February 22, 2024

REIN Data Shows Home Prices Remain Steady in December

Home sales. Photo by Maria Ziegler on Unsplash

VIRGINIA BEACH — According to data compiled by the Real Estate Information Network (REIN), settled sales increased slightly from November to December, while selling prices held steady.

“As mortgage rates have begun to drop, we would expect to see activity tick up, even though it is the winter season when sales and listings tend to be slower,” said Jon McAchran of AtCoastal Realty, REIN’s 2023 Board President. “Although the number of homes listed for sale did decline month-over-month, there’s still a reasonable amount of inventory. With prices holding steady this should be a good time for potential home buyers to enter the market.”

REIN is a regional Multiple Listing Service (MLS), serving real estate professionals from Williamsburg east to Virginia Beach and south across the North Carolina border. 

According to REIN, for several years the Hampton Roads market has been seen as a “seller’s” market, meaning there are more buyers than there are homes for sale on the market. That means, said McAchran, sellers are usually able to sell quickly and for their asking price.

“While it’s still a seller’s market, buyers are watching mortgage rates and we’re expecting to see a steady spring for real estate professionals,” he said.

December data points according to REIN: 

  • Active residential listings were 3,489. That’s down 12.3% from 3,980 in November, but up 4.3% from 3,345 in December 2022.
  • Pending sales totaled 1,509. That’s down 11.2% month-over-month from 1,699, and down 10.8% from 1,692 in December 2022.
  • Settled sales for December were 1,708. That’s up about 1.1% from 1,690 in November, and down 14.8% from 2,004 the year prior.
  • Median sale price (MSP) of homes sold during December was $330,000, matching November’s number, but up from $306,000 year-over-year.
  • Month’s Supply of Inventory (MSI) for December was 1.69. It was 1.91 in November and 1.27 in December 2022. MSI is a calculation of how many months there would be homes on the market if no new inventory were added.
  • Median days on market (DOM) for the month was 28, compared to 19 in November and 24 in December 2022.
  • Residential new construction sold via the MLS during the month was 209, compared to 224 last month and 277 last year.

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