Wednesday, November 29, 2023

Region’s Real Estate Market Holds Steady for October

(Photo by Alexandr Podvalny from Pexels)

VIRGINIA BEACH — The median sales price (MSP) of homes sold in the Hampton Roads region held steady for the first time since May, according to the Real Estate Information Network (REIN), a regional Multiple Listing Service (MLS) extending from Williamsburg east to Virginia Beach and south across the North Carolina border.

According to compiled data, the MSP for all homes sold across the region during October was $310,000, the same MSP recorded in September. The MSP has dropped every month since May, when it set a record high of $328,795. 

A steadying in sales prices is a good thing, said Liz Moore of Liz Moore & Associates and the President of REIN’s Board of Directors. 

“Volatility in the real estate market is seldom a blessing for anyone. Even though the market continues to cool a bit, buyers, sellers, and homeowners alike can gain some assurance from any stabilization of home prices,” Moore said. 

Inventory continues to rise, albeit slowly, she added, with October’s Month’s Supply of Inventory (MSI) at 1.45, the highest it’s been since 1.47 in July 2021. MSI is a calculation of how long it would take for all inventory to be sold if no new properties came on the market.

Moore said that a “healthy” or “balanced” market is typically present when the MSI is between 5.0-7.0. The last time the region’s MSI was in that range was July 2017. 

October’s data points from REIN: 

  • Active residential listings totaled 4,092. That’s down 1.74% year-over-year, but up .88% month-over-month. 
  • Pending sales were 2,003, down 34.46% year-over-year and down 16.65% month-over-month. 
  • Settled sales during the month were 2,312. That’s down 28.86% year-over-year and down 12% month-over-month. 
  • The median sales price (MSP) of homes for the month was $310,000. That’s up 6.9% from $290,000 last October. September’s MSP was also $310,000. 
  • The MSI for the month was 1.45. That’s up from 1.26 year-over-year, and up slightly from 1.40 month-over-month. 
  • Median days on market (DOM) for residential listings was 19. That’s a month-over-month increase of one day and marks the highest median DOM of the year so far. 
  • Residential new construction sold in the MLS during the month was 244, compared to 264 last October. 

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