Median sales prices are holding steady in Hampton Roads
The real estate market for October in Hampton Roads included 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 (REIN), 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.
Psssst! I wanted to let you in on a little secret. While I am a real estate agent…I am a different kind of real estate agent. I am creating a revolution in realty by combining everything you love about this area all into one place. Known around town as Mr. Williamsburg, I combine my extensive knowledge of the Williamsburg, Richmond, and Hampton Roads areas with my expertise in helping buyers and sellers navigate the ever-changing local real estate market to create a top-notch experience that checks all of your boxes.
Are you a homeowner searching for someone innovative and committed to selling your home? Allow Mr. Williamsburg to tell your story. With my unique marketing approach, your home will be seen from your eyes, not described in a few sentences by someone who doesn’t know it well.
Curious in finding the value of your existing home? Ask me here.
Interested in learning more about neighborhoods in the Williamsburg area? Check out my resource on specific communities in the surrounding areas of Williamsburg and Hampton Roads here.
Looking somewhere other than Williamsburg? In addition to my affinity for Williamsburg, I have helped hundreds of folks find their dream home and community in areas outside of the ‘Burg, such as Yorktown, New Kent, Virginia Beach, Chesapeake, Suffolk, Isle of Wight, Poquoson, and Richmond. I’m committed to helping you find your perfect fit and the place you’re happy to call home. Fill out this form and I’ll get back to you so we can connect.
Want to learn more about what working with me is like? While I can tell you all day why I love what I do so much, hearing directly from previous clients is the best way to see this. To read real client reviews and learn more about what it’s like working with me on your team, visit my reviews page here.
Your real estate journey is just that…yours. I get that it’ll be unique. It needs a marketing plan and a committed real estate professional to guide you every step of the way. To talk further, you can reach me via phone or text at 757-254-8136 or through email at [email protected].
I look forward to serving your real estate needs and welcoming you to this place that I’m lucky enough to call home!
John Womeldorf, Mr. Williamsburg