HAMPTON ROADS — According to the most recent data from the Real Estate Information Network, the Peninsula real estate market saw active listings, pending sales, and settled sales climb in October, while median selling prices fell slightly year-over-year.
REIN said there’s more good news for buyers: When compared to September, October’s MSP was down about $8,200, and the number of homes to choose from was up about 6%.
“An ample supply of homes presently on the market provide today’s buyers with an array of choices,“ said Barbara Wolcott, Chairman and Principal Broker for Berkshire Hathaway HomeServices RW Towne Realty and President of REIN’s Board of Directors. “The combination of increased supply and lower mortgage rates gives buyers significant incentive to act quickly.”
REIN said that while the year-over-year MSP rose 2.3% across the Hampton Roads region, on the Peninsula it dropped 1.85%, from $348,243 last October to $341,800 this year. On the Southside the MSP increased 4.6%, from $352,000 last October to $369,000 this year.
“From month to month, whether the numbers are good or just holding steady, real estate
professionals are dedicated to serving their clients and helping the people of Hampton Roads find and sell homes,” said Wolcott.
REIN is a provider of real estate data in Hampton Roads, with offices in Hampton, Virginia Beach and Portsmouth. It defines the Peninsula as Hampton, Newport News, James City County, York County, Poquoson, Williamsburg, Gloucester, Mathews County, and Middlesex County
October data points for the Peninsula from. REIN:
- Active residential listings totaled 1,569, up from 1,484 in September and up
29.9% from 1,208 in October 2024. - Pending sales for the month stood at 584. That’s down from 634 in September,
and up 2.5% from 570 last year. - Settled sales totaled 601. That’s up from 562 in September and up 2.74% from
585 year-over-year. - Median sale price (MSP) of homes sold was $341,800, down from $350,000 in
September and down 1.85% from $348,243 in October 2024. - Month’s Supply of Inventory (MSI) for October was 2.77 compared to 2.63 in
September and 2.35 in October 2024. MSI is a calculation of how many months
there would be homes on the market if no new inventory was added. - Median days on market (DOM) for the month was 27, down three days from 30
in September and down four days from 31 last year. - Residential new construction sold via the MLS during the month was 35, down
from 37 in September and down from 47 in October 2024. This represents only
new homes sold via REIN MLS.
For more information, visit the official REIN website.
