Inventory Inches Higher as Prices Dip

VIRGINIA BEACH, Va. (October 2023) – The number of residential properties for sale across the Hampton Roads region continued to climb during September, aided by slowing sales and high mortgage rates.

Data from the Real Estate Information Network (REIN) shows that the number of homes for sale increased again from the month prior, while the Month’s Supply of Inventory – a calculation used to measure inventory and gauge the health of the real estate market – hit its highest point since October 2020.

“Certainly, the high mortgage rates are impacting consumer demand, but the Median Sales Price (MSP) is still strong,” said Jon McAchran of AtCoastal Realty and REIN’s Board President. “The MSP dropped a bit from last month, just 2.4%, but that’s fairly typical seasonally as we head into autumn.”

September’s MSP was $333,000 for all homes sold across the region. That’s up 7.42% when compared to last year, said McAchran.

“Spring and summer are traditionally the busiest times of the year in real estate, but with inventory rising potential home buyers will find increased opportunities in the coming months, and on top of that pricing will likely follow the seasonality of the business,” he added.

A Multiple Listing Service, REIN has served real estate professionals in Hampton Roads since 1969, while also benefiting consumers by providing up-to-date market data and statistics, as well as a platform that delivers equal access to listings for all potential buyers and sellers.

September data points from REIN:

• Active residential listings for September were 3,778, up month-over-month 
from 3,680 in August, but down 6.85% when compared to September 2022. 
• Pending sales stood at 1,947. That’s down 14.9% from 2,289 in August, and 
down 15.02% year-over-year. 
• Settled sales during September totaled 2,032, down 18% when compared to 
2,478 in August. The dip was 22.65%, or 595 sales, when compared to last year. 
• Median sale price (MSP) of homes sold during September was $333,000, down 
from $341,100 in August, but up compared to $310,000 for September 2022. 
• Month’s Supply of Inventory (MSI) for September was 1.76, slightly higher than 
1.68 in August. The MSI was 1.40 for September 2022. 
• Median days on market (DOM) for residential listings was 17, a bump of three 
days from 14 in August, but one day less than 18 last September. 
• Residential new construction sold in the MLS during the month was 203, 
compared to 249 last month and 237 last year.