Buyers See More Options as Listings Rise, Prices Ease
VIRGINIA BEACH, Va. – Once again, data from the Real Estate Information Network (REIN) shows year-over-year improvements in both settled sales and pending sales across Hampton Roads for the month of July. This is the second consecutive month of improvement (June and July), which may signal renewed market confidence.
“After slight declines in May, both June and July have recorded rising numbers year-over-year in sales and in homes that are pending sale,” said Barbara Wolcott of Berkshire Hathaway Home Services RW Towne Realty and Board President of REIN’s Board of Directors. “Interest rates have been holding steady, and active listings remain high, giving buyers more options.”
Wolcott said that active residential listings during the month of July totaled 5,664. That’s the most since June 2020, when there were 5,845, suggesting the market may be loosening for buyers. In addition to having more homes to choose from, the good news for buyers is that selling prices dropped slightly when compared to June’s record high median selling price (MSP).
While each of the seven major cities in the region recorded increases in active listings, three saw year-over-year decreases in settled sales: Norfolk (-1.67%), Hampton (-3.39%), and Newport News (-4.26%). Of the seven cities, Chesapeake had the highest MSP at $420,000.
REIN is a regional multiple listing service, serving members located in 15 cities and counties, with offices in Virginia Beach, Hampton, and Portsmouth.
July Data Points from REIN:
Active residential listings during July rose to 5,664. That’s up from 5,437 in June and up 22% from 4,641 in July 2024.
Pending sales for the month were 2,457. That’s down slightly from 2,468 in June, but up 10.5% from 2,222 in July 2024.
Settled sales totaled 2,528. That’s down by 13 sales from June (2,541), but up 7.76% from 2,346 in July 2024.
Median sale price (MSP) of homes sold during July was $368,250. That’s down from $375,000 in June, but up 3.44% from $356,000 in July 2024.
Month’s Supply of Inventory (MSI) for July was 2.74. That’s up from 2.65 in June, and up from 2.28 in July 2024. MSI is a calculation of how many months there would be homes on the market if no new inventory was added.
Median days on market (DOM) for the month was 22, up from 18 in June and 18 in July 2024.
Residential new construction sold via the MLS during July was 210, down from 260 in June and up year-over-year from 201 in July 2024.
