HAMPTON — Despite a slight increase in mortgage rates during February, the real estate market across the peninsula continues to show positive signs, according to Real Estate Information Network (REIN), a multi-listing service in the Hampton Roads area. There is.
The number of active listings increased month-over-month and year-over-year, while both pending and settled sales also increased month-over-month and year-over-year, according to REIN data.
“These are some encouraging signs as we head into the spring season,” said Gary Lundholm, president of REIN at The Real Estate Group. “Of course, things can change quickly in the real estate industry, but the median number of days a property is on the market has also decreased since January, which is good news for home sellers.”
Lundholm said the median sales price of homes sold across the peninsula also increased when compared to January 2023 and when compared to February 2023.
“For homebuyers, as long as there is enough inventory to choose from, they will buy the right home when they find it, regardless of mortgage rates,” Lundholm said.
February data points for REIN's peninsula: (Hampton, Newport News, James City County, York County, Poquoson, Williamsburg, Gloucester, Matthews County, Middlesex County)
- There were a total of 962 active residential listings for the month. This is an increase from his 937 cases in January 2023 and a 15.6% increase from his 832 cases in February 2023.
- There were 608 outstanding sales, up from 528 last month and an 8.7% increase from 559 last year.
- Payment sales in February were 474, up from 395 in January and 5.8% up from 448 in February 2023.
- The median sales price (MSP) of homes sold during the month was $314,000. This is up 4.7% from January's $299,900 and 10.4% from $284,500 in the same month last year.
- Inventory supply (MSI) for the month was 1.63, up slightly from 1.59 the previous month and up from 1.18 last year. MSI is a calculation of how many months a home would stay on the market if no new inventory was added.
- The median days on market (DOM) for the month was 22 days, down from 31 days in January.
- There were 54 new home constructions sold through the MLS this month, compared to 39 last month and 57 last year.
