VIRGINIA BEACH – After dropping for four consecutive months, the median sales price (MSP) of homes in Hampton Roads remained the same from September to October.
According to the Real Estate Information Network (REIN), the median sales price was $310,000 in October, which was no change from the previous month. In May, it was a record $328,795, but dropped each month from June through September. However, it is up 6.9 percent from the previous October, when it was $290,000.
Liz Moore, president of REIN’s board of directors and owner of Liz Moore and Associates, said a steady MSP from one month to the next is good news.
“Volatility in the real estate market is seldom a blessing for anyone,” she said in a press release. “Even though the market continues to cool a bit, buyers, sellers, and homeowners alike can gain some assurance from any stabilization of home prices.”
While prices are steady, inventory keeps rising. In October, the industry’s month supply of inventory (MSI) was 1.45, its highest since 1.47 in July 2021. In October 2021, it was 1.26. The MSI is the time it would take for all inventory to be sold if no new properties came on the market. In a balanced or healthy market, the MSI ranges from 5.0-7.0. The last time Hampton Roads was in that range was July 2017 at 5.04.
Median days on the market for residential listings hit the highest mark of the year at 19, up one from September.
Other numbers of interest from REIN’s monthly report:
Active residential listings were down 1.74 percent year-over-year, but up .88 percent month-over-month
Pending sales were down 34.46 percent year-over-year and 16.65 percent month-over-month
Settled sales were down 28.86 percent year-over-year and 12 percent month-over-month.