Inventory Continues to Rise, Settled Sales Fall

VIRGINIA BEACH, Va. (November 2023) – For the seventh straight month, the number of monthly active listings in the Hampton Roads region increased, reaching the highest total since October 2022. 

According to data compiled by the Real Estate Information Network (REIN), while the number of homes on the market increases, settled and pending sales are both down month-overmonth and year-over-year.

“The combination of mortgage rates and selling prices continues to challenge some would be buyers,” said Jon McAchran of AtCoastal Realty and President of REIN’s Board of Directors. “However, homes are still selling, as shown by the median days on market, which is the same as it was last year at this time.”

The median sales price of homes sold across the region was down very slightly compared to September but was 6.5% higher when compared to October 2022.

McAchran said REIN’s data shows that October’s active listings for the Southside markets were up 5.3% from September, but down 2.57% when compared to October 2022. For the Peninsula, active listings for October were up month-over-month 4.27%, but down 4.29% year-over-year.

“As we head into winter the real estate market invariably experiences a seasonal slowing. Increased inventory is a good thing and perhaps it will benefit consumers during the coming months, especially if mortgage rates, which fell slightly last week, continue to ease,” said McAchran.

October data points from REIN:

• Active residential listings were 3,968, up 5% month-over-month from 3,778 in September, and down 3.03% year-over-year from 4,092 in October 2022.
• Pending sales stood at 1,846, down from 1,947 month-over-month and 1,928 yearover-year.
• Settled sales for October were 1,872. That’s down 7.87% from 2,032 last month and down 18.9% from 2,309 last year.
• Median sale price (MSP) of homes sold during October was $330,140. That’s down slightly from $333,000 in September, but up from $310,000 last October.
• Month’s Supply of Inventory (MSI) for the month was 1.88, up from 1.76 last month and 1.45 during the same month last year. October’s 1.88 is the highest the MSI has been since August 2020, when it was 1.97.
• Median days on market (DOM) for the month was 19, up two from 17 in September. DOM in October 2022 was also 19.
• Residential new construction sold in the MLS during the month was 224, compared to 203 last month and 241 last year.