Days on Market Rising for Area Homes in Hampton Roads
As we move into the fall season, the Hampton Roads real estate market is experiencing a shift. While home prices remain strong, the pace of sales is slowing, with properties taking longer to sell than in recent months. The median number of days on the market reached 25 in September, up from 21 in August and the highest level since January. Compared to the same time last year, when the median days on market were just 17, this represents about a week’s increase.
Several factors contribute to this trend. The additional time on the market is partly due to a rise in inventory, but it’s also typical for this time of year. According to Gary Lundholm, President of REIN’s Board of Directors, “If you look at last year, the median days on market increased from 14 in August to 17 in September, and in 2022, it went from 15 to 18. An increase of a few days is very typical as we transition to fall.”
While some homes are taking longer to sell, prices remain resilient. The median sales price (MSP) for the region was $349,900 in September, down slightly from $350,620 in August but still 5% higher than September 2023’s $333,000. This indicates that while buyers may have more time to make decisions, sellers are still benefiting from a strong market.
Market Trends and Data for September
• Active Listings: There were 4,641 active residential listings in September, a decrease of 3.5% from 4,811 in August but up 22.8% from 3,778 in September 2023.
• Pending Sales: Pending sales dropped 2.9% to 2,062 compared to 2,132 in August, though they were up 5.9% year-over-year.
• Settled Sales: A total of 1,932 homes sold in September, down 15.3% from August’s 2,282 and a 4.9% decrease from last year.
• Median Sale Price (MSP): The MSP for the month was $349,900, reflecting a slight decline from the previous month but a 5% increase from the same time last year.
• Month’s Supply of Inventory (MSI): The MSI was 2.31, down from 2.38 in August but up from 1.76 in September 2023, indicating a gradual increase in available homes.
• Median Days on Market (DOM): Homes stayed on the market for a median of 25 days, up from 21 in August and 17 last September.
• New Construction Sales: Residential new construction sold through the MLS was 191 units, compared to 228 in August and 203 in September last year.
These statistics come from the Real Estate Information Network (REIN), the primary Multiple Listing Service (MLS) for the Hampton Roads area, covering everything from Williamsburg to Virginia Beach and even extending south into parts of North Carolina. As a local real estate agent, I also belong to the Williamsburg MLS and the Central Virginia MLS. It’s important to note that each of these regions has its own unique market conditions, which means sales numbers and trends can vary significantly depending on the area. For example, what we’re seeing in Hampton Roads may differ from trends in Williamsburg or the Richmond area, where factors like local inventory, demand, and even seasonal patterns can impact market activity in different ways.
Understanding these regional differences is crucial for anyone buying or selling a home in today’s market. If you’re interested in a specific area or neighborhood, I can provide you with a more detailed analysis tailored to your location. Whether it’s Williamsburg, the Richmond area, or somewhere else in Coastal Virginia, I’m here to offer insights that go beyond the general market trends to help you make well-informed decisions. Reach out today to discuss your real estate goals, and let’s explore the options available in your preferred region.
Looking Ahead
With colder weather and the holiday season approaching, we can expect the number of days on market to continue to climb unless there’s a significant drop in mortgage rates. While this shift might give buyers more room for negotiation, sellers can still find success, particularly with well-priced and well-presented homes.
Whether you’re considering buying or selling, understanding these trends can help you make more informed decisions. If you’d like to discuss how these market shifts might affect your real estate goals, feel free to reach out to me. I’m always here to provide insights and assist with your needs.
Contact me at 757-254-8136 or [email protected], and let’s work together to navigate the changing market.
John Womeldorf
Your guide to real estate in Hampton Roads, Williamsburg, and beyond.