Encouraging Signs for Local Real Estate Market

Greetings from MrWilliamsburg.com! I’m thrilled to share with you the latest insights into the Hampton Roads real estate market. As John Womeldorf, a.k.a., Mr Williamsburg, your trusted local real estate agent, I’m dedicated to keeping you informed about the trends shaping our community.

Despite a slight uptick in mortgage rates during February, the overall outlook for our market remains promising. Data from the Real Estate Information Network (REIN) paints an encouraging picture, showing growth in both pending and settled sales, alongside an increase in active listings compared to previous months and last year.

As we gear up for the spring season, it’s heartening to see the median number of days properties spend on the market declining compared to January. This bodes well for sellers, indicating a potentially faster sales process. Additionally, the median sales price of homes sold in our region has seen positive growth compared to both January and February 2023.

Let’s dive into the February data from REIN:

• Active residential listings totaled 3,568, reflecting an increase from January and a significant rise compared to February 2023.
• Pending sales showed a notable uptick from the previous month and the same period last year.
• Settled sales for February also demonstrated growth compared to January and February 2023.
• The median sale price of homes sold during February experienced positive growth month-over-month and year-over-year.
• The Month’s Supply of Inventory (MSI) slightly increased, indicating a balanced market.
• Median days on market (DOM) decreased compared to January, suggesting increased buyer activity.
• Residential new construction sold via the MLS remained robust, albeit slightly lower compared to the previous month and year.

As we navigate through these dynamic market conditions together, count on MrWilliamsburg.com to provide you with the latest updates and expert guidance. Whether you’re buying, selling, or investing, trust me, John Womeldorf, a.k.a., Mr Williamsburg, to help you achieve your real estate goals with confidence. Let’s seize the opportunities and make your dreams a reality in the vibrant Hampton Roads region.