HAMPTON — The number of homes for sale on the Peninsula continues to climb according to the Real Estate Information Network, the multiple listing service for the region, with inventory during the month of August at its highest level in more than a year.
Like the number of homes for sale, the selling prices were also up year-over-year, it said.
“Traditionally, when inventory increases prices will fall, but I think recent data shows that despite increases in inventory, it’s still somewhat of a seller’s market here on the Peninsula,” said Gary Lundholm of The Real Estate Group and Board President of the Real Estate Information Network (REIN). “While the number of homes for sale has increased over the last couple of years, inventory is still well below its normal level and that tends to impact selling prices.”
Lundholm added that declining mortgage rates are also impacting the market for potential homebuyers.
According to REIN, there were 1,277 homes listed for sale during the month of August, a year-over-year increase of 31.4% from just 972 listed during August 2023. Despite the increasing inventory, however, August’s median sales price (MSP) of $329,961 for homes sold on the Peninsula was a 4.6% increase over last year, when the MSP was $315,500.
A buyer’s market is typically defined as a time when the number of homes for sale is greater than the number of consumers looking to buy, which causes prices to stagnate or fall, Rein said, while it’s considered a seller’s market when there are more buyers than there are homes for sale, which can lead to competition among buyers and cause prices to rise.
REIN defines the Peninsula as Hampton, Newport News, James City County, York County, Poquoson, Williamsburg, Gloucester, Mathews County, and Middlesex County.
July data points for the Peninsula:
- Active residential listings for August totaled 1,277, a 3.74% increase when compared to 1,231 in July, and a 31.38% jump from 972 in August 2023.
- Pending sales for the month were 618. They were 656 in July and 674 in August 2023.
- Settled sales for the month totaled 644, compared to 639 in July and 752 in August 2023.
- Median sale price (MSP) of homes sold during August was $329,961. It was $330,000 in July and $315,500 during August 2023.
- Month’s Supply of Inventory (MSI) was 2.25. It was 2.13 in July and 1.56 in August 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 21, compared to 18 in July and 14 in August 2023.
- Residential new construction sold via the MLS during the month was 49. It was 36 in July and 79 in August 2023.
