Sunday, February 25, 2024

Data Shows Region’s Real Estate Market Continuing to Cool 

Photo by Maria Ziegler on Unsplash

VIRGINIA BEACH — The real estate market in the Hampton Roads region continues to cool according to the Real Estate Information Network (REIN), as interest rates, inflation, and high selling prices continue to challenge many would-be buyers. 

September’s active listings, pending sales, and settled sales were all down compared to the same month in both 2021 and 2020, according to REIN, while noting they have not yet returned to pre-pandemic levels. 

“I think it’s fair to say that it’s somewhat difficult to compare this year’s market to 2021 or even to 2020,” said Liz Moore, President of the REIN’s Board of Directors and owner/broker for Liz Moore & Associates. “The market conditions then were very different than they are now. But our numbers for last month aren’t that much different than we might expect them to be during a more typical September market.”

(Real Estate Information Network)

Data compiled by the Real Estate Information Network (REIN) shows September’s pending sales at 2,403, just 140 fewer than the same period in 2019, while settled sales were 2,629, 207 more than the 2,422 recorded in 2019. 

Moore said another sign of the cooling market is that selling prices are continuing to drop, noting the median sales price for homes across the region has fallen by nearly 6% since May. 

September’s data points from REIN: 

  • Active residential listings totaled 4,056. That’s down 8.34% year-over-year and down slightly, 1.48%, month-over-month. 
  • Pending sales were 2,403, which was down 23.69% year-over-year and 14.79% month-over-month. 
  • Settled sales during the month were 2,629. That’s down 23.17% year-over-year, and down 12.1% month-over-month. 
  • The median sales price (MSP) of homes for the month was $310,000. That’s up 5.8% from $293,000 last September, but down from $315,990 in August 2022. 
  • The MSI for the month was 1.40. That’s up ever so slightly from 1.39 year-over-year. The MSI was also 1.39 in August. 
  • Median days on market (DOM) for residential listings was 18. That’s a month-over-month increase of 20% and the highest median DOM of the year so far. 
  • Residential new construction sold in the MLS during the month was 238, compared to 255 last September, which is a year-over-year drop of 6.67%. 

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