HAMPTON — The real estate market was strong across the Peninsula in April despite persistently high mortgage rates, according to the Real Estate Information Network (REIN).
REIN is a regional multiple listing service (MLS) with coverage from Williamsburg east to Virginia Beach and south across the North Carolina state line.
Data compiled by REIN shows that not only are pending and settled sales increasing month-over-month and year-over-year, inventory continues to increase as well, with active sales compared to March and March. The number of new listings and new listings is increasing. Until April 2023.
“The combination of increased sales and increased inventory is a positive development for the local market,” said Real Estate Group's Gary Lundholm, Chairman of the REIN Board of Directors. “With more homes on the market, buyers have a much better chance of finding a home that fits their family’s needs.”
Despite the increase in inventory, Lundholm noted that the median sales price (MSP) for the month reached $329,800, a nearly 11% year-over-year increase for homes sold on the Peninsula.
“While mortgage rates remain at around 7%, consumers are willing to spend what it takes to get the home they want,” he said. “Similarly, our member agents do a great job helping their customers find the perfect home for their family.”
REIN MLS has over 9,000 members and is the leading provider of real estate data in Hampton Roads. REIN defines the peninsula as Hampton, Newport News, James City County, York County, Poquoson, Williamsburg, Gloucester, Matthews County, and Middlesex County.
April data points for REIN’s peninsula:
- Active residential property information The total number of cases for the same month was 1,023, compared to 937 in March 2023 and 849 in April.
- pending sale The number of users in the same month was 694, compared to 666 in March 2023 and 670 in April.
- Payment sales The total for the month was 623, compared to 562 for March and April 2023.
- Median selling price The gross price (MSP) of homes sold in April was $329,800, compared to $320,000 in March 2023 and $297,512 in April.
- Monthly inventory supply According to REIN, the MSI was 1.74 compared to 1.61 in March 2023 and 1.27 in April. MSI calculates how many months a home would stay on the market if no new inventory was added.
- Median days on market (DOM) for the month was 15, down from 19 in March.
- New housing construction There were 62 properties sold via MLS in the same month, compared to 66 in March 2023 and 49 in April.
