Local Market Shows Improvements Year-Over

VIRGINIA BEACH, Va. – While the median selling price (MSP) of homes across Hampton Roads dropped slightly in July compared to June’s record high, the local market showed resilience with both pending and settled sales up compared to the same month last year.

Moreover, the number of homes for sale (4,641) during July climbed to its highest point since October 2020 (4,887). These numbers come from the region’s leading provider of real estate data, Real Estate Information Network, Inc. (REIN).

“We’re happy to see settled and pending sales up over last year,” said Gary Lundholm of The Real Estate Group and President of REIN’s Board of Directors. “That’s good for our agents and brokers. Likewise, an increase in active listings offers more choices for home shoppers and is certainly helping to stabilize selling prices.”

Lundholm said that affordability remains a concern.

“While the MSP in our area is up from last year, we’re still below the state and national averages,” he said. “Hopefully mortgage rates will continue to drop. That will further bolster affordability for consumers and perhaps also enhance sales volume for our members.”

Although the MSP of $360,000 in June was an all-time high for Hampton Roads, it was still significantly less than the national MSP for June of $426,900, and even further below the statewide MSP for Virginia during that month, which was $431,380.

“Our members are very knowledgeable about the local market, and they work hard to serve home buyers and home sellers across Hampton Roads,” Lundholm said.
 

July data points from REIN:

• Active residential listings for July totaled 4,641. That’s up 5.9% from 4,380 in June, and up year-over-year a whopping 34.4% from 3,452 in July 2023.
• Pending sales totaled 2,315 for July, up 4.5% from June (2,215) and up 7.2% from July 2023 (2,159).
• Settled sales for the month were 2,346. That’s down slightly, just .38%, from 2,355 in June, and up 1.3% from 2,316 during July 2023.
• Median sale price (MSP) of homes sold during July was $355,500, compared to $360,000 in June, and $340,000 during the same month last year.
• Month’s Supply of Inventory (MSI) for the month was 2.28, up slightly from 2.16 the month prior, and up from 1.54 in July 2023. 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 18, up two days from 16 in June and an increase of six days from 12 in July 2023.
• Residential new construction sold via the MLS during the month was 201, compared to 282 last month and 202 last year.