The region’s real estate market held steady in October
VIRGINIA BEACH – The median selling price (MSP) of homes sold in the Hampton Roads area remained stable for the first time since May, according to the Real Estate Information Network (REIN), a regional multiple listing service (MLS) extending from Williamsburg east to Virginia Beach and south across the North Carolina border.
According to the compiled data, the MSP for all homes sold in the area in October was $310,000, the same MSP recorded in September. The MSP has fallen every month since May, when it set a record high of $328,795.
A stabilization in selling prices is a good thing, said Liz Moore of Liz Moore & Associates and chair of the board of directors of REIN.
“The volatility of the real estate market is rarely a blessing for anyone. Even if the market continues to cool down a bit, buyers, sellers and homeowners can take some reassurance from any stabilization in home prices,” Moore said.
Inventories continue to rise, albeit slowly, she added, with October Inventory Supply (MSI) at 1.45, the highest 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 a “healthy” or “balanced” market is usually present when the MSI is between 5.0 and 7.0. The last time the region’s MSI was in this range was in July 2017.
REIN October Data Points:
- Active residential listings totaled 4,092. That’s down 1.74% year-over-year, but up 0.88% month-over-month.
- Pending sales were 2003, down 34.46% year-on-year and 16.65% month-on-month.
- Sales settled during the month were 2,312. This represents a decrease of 28.86% year-on-year and 12% month-on-month.
- The median sale price (MSP) of homes for the month was $310,000. That’s up 6.9% from $290,000 last October. The September MSP was also $310,000.
- The MSI for the month was 1.45. That’s up from 1.26 year-over-year and slightly up from 1.40 month-over-month.
- The median days on market (DOM) for residential listings was 19. This was a month-over-month increase and was the highest median DOM of the year so far.
- New home construction sold in the MLS during the month was 244, compared to 264 last October.