According to the latest report from the Real Estate Information Network (REIN), homes in the Hampton Roads region are remaining on the market for a longer period of time.
In December 2022, the median days on the market (DOM) for homes in the region reached a high for the year, climbing to 24. The year’s lowest DOM was reported in the spring of 2022 (March and April) at just seven days, while in December 2021, the DOM was 15.
The DOM figure can help potential buyers identify which homes are newly listed and which have been on the market for a while, though, according to Jon McAchran with AtCoastal Realty, who is president of REIN’s Board of Directors, the latest DOM figure for December indicates a slowing market.
“Mortgage rates and inflation continue to impact the real estate market, and that’s apparent from data points such as days on market,” said McAchran in a release. “However, it’s important to remember that this is the time of year when the real estate business typically slows a bit.”
McAchran noted there were two separate markets for 2022. During the first half of the year, the market remained highly competitive locally with tight inventory and selling prices reaching record highs. The tides began to turn in July, which first saw a slow decline in the market, with the DOM doubling from 12 in July to 24 by December.
“Prices have corrected somewhat, and if mortgage rates can rebound, we could potentially see activity jump back up a bit this year,” McAchran said.