HAMPTON — Homebuyers on the Peninsula had more options in November than they did a year ago, even as active listings declined slightly from October’s levels, according to data from the Real Estate Information Network.
REIN — the multiple listing service for Hampton Roads — said year-over-year, inventory growth continues to increase the variety of homes available to buyers.
“Inventory across Hampton Roads remains higher than it was at this time last year, giving buyers a wider selection of homes than they had in November 2024,” said Barbara Wolcott, Chairman and Principal Broker for Berkshire Hathaway HomeServices RW Towne Realty and President of REIN’s Board of Directors. “Month-to-month changes reflect the typical seasonal patterns we expect as the market moves into the winter months.”
According to REIN, pending sales were also higher than last November, showing that transactions continued to move forward during the month. Pending sales indicate that a seller has accepted an offer, though the transaction has not yet closed.
Settled sales decreased year-over-year in most Peninsula communities, though Gloucester
saw a slight increase, according to the report. Among the seven major cities in Hampton Roads, Hampton experienced the largest year-over-year decline in settled sales, down 22.8%.
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.
REIN’s November data points for the Peninsula:
- Active residential listings totaled 1,479, down from 1,569 during October, but
up 26.4% from 1,170 in November 2024. - Pending sales for the month stood at 487. That’s down from 584 in October, but
up 5.4% from 462 in November 2024. - Settled sales totaled 452. That’s down from 601 in October and down 18.4%
from 554 last year. - Median sale price (MSP) of homes sold was $354,500. That’s up from $341,800
during October, and up 5.8% from $335,000 in November 2024. - Month’s Supply of Inventory (MSI) for November was 2.65 compared to 2.77 in
October and 2.04 in November 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 34, up from 33 in October
and 26 during the same month last year. - Residential new construction sold via the MLS on the Peninsula during the
month was 34, down from 35 in October and down from 54 in November 2024.
This represents only new homes sold via REIN MLS.
