Days on Market Rising for Area Homes

VIRGINIA BEACH, Va. – Although homes across Hampton Roads are taking longer to sell and inventory has increased, selling prices remain high - 5% above last year’s level during September. 

The median number of days homes are on the market was 25, up from 21 in August and the highest it has been since January (32). Compared to September 2023 when the median days on market was 17, that’s an increase of about a week.

“The extra days it’s taking to sell some homes in the region is likely due in part to the additional inventory, but it’s also typical for this time of year,” said Gary Lundholm of The Real Estate Group and the President of REIN’s Board of Directors.

“If you look at last year, the median days on market increased from 14 in August to 17 in September, and in 2022 it went from 15 in August to 18 in September. So, an increase of a few days is very typical as we transition to fall.”

Lundholm said that, barring a dramatic decrease in mortgage rates, the number of days homes stay on the market will continue to increase as the holidays and colder weather approach. While some homes are taking longer to sell, it isn’t impacting prices as much as might be expected.

While the median sales price (MSP) across the region is down very slightly from August, the MSP remains 5% above the same month last year. “Affordability is a concern for everyone, so we’re always watching prices,” he said. “Everyone should have the opportunity and the ability to own a home.” 

REIN is the leading provider of real estate data in Hampton Roads, with more than 8,500 active licensees.

September data points from REIN:

• Active residential listings were 4,641. That’s down 3.5% from 4,811 in August and up 22.8% from 3,778 last year.
• Pending sales were 2,062, down 2.9% from 2,132 in August and up 5.9% from 1,947 last year.
• Settled sales totaled 1,932. That’s down 15.3% from 2,282 in August and down 4.9% from 2,032 last year.
• Median sale price (MSP) of homes sold during September was $349,900, down slightly from $350,620 in August, but up 5% from $333,000 last September.
• Month’s Supply of Inventory (MSI) for the month was 2.31, down slightly from 2.38 in August but up from 1.76 last year. 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 25, up from 21 in August and up from 17 in September 2023.
• Residential new construction sold via the MLS during the month was 191, compared to 228 last month and 203 last year.