Region’s MSP Holds Steady Month Over Month

VIRGINIA BEACH, Va. (November 2022) – The real estate market for October in Hampton Roads includes some highs and some lows, but for the first time since May, the median sales price (MSP) of homes sold in the region held steady rather than dropping when compared to the previous month.

According to data compiled by the Real Estate Information Network, the MSP for all homes sold across the region during October was $310,000, which was the same MSP recorded in September. The MSP in May had reached a record high of $328,795, then proceeded to drop each month since.

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. October’s Month’s Supply of Inventory (MSI) was 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 the “healthy” range was July 2017 when it was at 5.04.

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.