HAMPTON — The median sales price (MSP) of homes across the Peninsula continued to rise during June and for the second straight month, the MSP hit an all-time high.
According to the Real Estate Information Network (REIN), the leading provider of real estate data for the Hampton Roads region, June’s MSP of $347,645 was a 2.2% increase from $340,000 recorded in May, and a one-year increase of 6.9% from $325,000 during June 2023.
“Home prices in our region have been rising, as they have been in much of the nation,” said Gary Lundholm of The Real Estate Group and President of the Board of Directors for REIN. “Fortunately for homebuyers, our MSP is still below the statewide number and inventory also continues to increase, which can have a positive impact on prices.”
Lundholm said that selling prices tend to go up during the summer months as more buyers compete for a limited number of homes. “Although we are seeing an increase in the number of homes for sale when looking at the last three years, if you compare June 2024 to June 2019 when there were 2,708 homes for sale on the Peninsula, you can see that the competition is often much more concentrated since there are about half as many properties.”
REIN defines the Peninsula as Hampton, Newport News, James City County, York County, Poquoson, Williamsburg, Gloucester, Mathews County, and Middlesex County.
June data points for the Peninsula:
- Active residential listings for June totaled 1,138, compared to 1,077 in May and 879 in June 2023.
- Pending sales for the month were 626, compared to 737 in May and 626 in June 2023.
- Settled sales for the month totaled 668, compared to 693 in May and 747 in June 2023.
- Median sale price (MSP) of homes sold during June was $347,645, compared to $340,000 in May and $325,000 In June 2023.
- Month’s Supply of Inventory (MSI) was 1.97, compared to 1.84 in May and 1.37 in June 2023. 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 16, as it was in May.
- Residential new construction sold via the MLS during the month was 61, compared to 60 in May and 72 in June 2023.
