HAMPTON — While the median sales price (MSP) of homes across the Peninsula declined slightly in July from June’s record high, inventory continued to rise, according to the Real Estate Information Network (REIN), the multiple listing service (MLS) for Hampton Roads.
The number of homes for sale – 1,231 – rose last month to its highest level in more than three years.
“We are pleased to see an increase in the number of pending sales compared to last month,” said Gary Lundholm of The Real Estate Group and Chairman of REIN. “Similarly, an increase in active listings provides more choices for homebuyers and certainly helps stabilize sales prices.”
Lundholm said affordability remains an issue, with the MSP for the peninsula at $330,000 for 639 homes sold in July.
“Although the MSP for homes sold on the Peninsula remains stable, we are still below the national average,” he said. “Hopefully, mortgage rates will continue to decline. That will further strengthen affordability for consumers and perhaps increase sales volume for our members as well.”
Although June’s MSP was a historic high for the Peninsula at $347,645, it was still well below the national MSP for June of $426,900 and even further below the statewide MSP for Virginia that month, which was $431,380, according to REIN.
“Our members are very knowledgeable about the local market and work hard to serve home buyers and home sellers on the Peninsula,” Lundholm said.
REIN defines the peninsula as Hampton, Newport News, James City County, York County, Poquoson, Williamsburg, Gloucester, Mathews County and Middlesex County.
REIN data points for July for the Peninsula:
- Active residential property offers for July were 1,231, compared to 1,138 in June and 897 in July 2023, an increase of 37%.
- Pending Sales for the month was 656, compared to 626 in June and 615 in July 2023.
- Completed Sales for the month totaled 639, compared to 668 in June and 656 in July 2023.
- Average selling price (MSP) of homes sold in July was $330,000, compared to $347,645 in June and $330,250 in July 2023.
- Monthly inventory (MSI) was 2.13, compared to 1.97 in June and 1.43 in July 2023. The MSI is a calculation that indicates how many months homes would be on the market if no new inventory were added.
- Average days on market (DOM) for the month was 18, compared to 16 in June.
- New residential construction The number of vehicles sold through MLS during the month was 36, compared to 61 in June and 45 in July 2023.
