Sunday, December 10, 2023

Lack Of Available Homes For Sale Still An Issue In Hampton Roads

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According to the latest data from the Real Estate Information Network (REIN), active listings as well as the month’s supply of inventory (MSI) in Hampton Roads were up slightly in April from the previous month. Active listings, however, continue to be significantly below pre-pandemic levels.

The report also indicated that both pending sales and settled sales were down in April from the month prior. Still, while there are reports of selling prices falling in many markets across the country, prices remained strong across Hampton Roads. For the second straight month, the median sales price (MSP) for all homes sold in the region stood at $320,000.

The MSP on the Southside was $330,000, compared to $297,512 on the Peninsula and $365,750 for outlying areas of Virginia and North Carolina. Virginia Beach had the highest MSP on the Southside at $365,000, while James City County recorded an MSP of $480,000 on the Peninsula.  

“Interest rates continue to fluctuate and that’s causing hesitation for some potential buyers, but the lack of inventory remains our biggest challenge here in Hampton Roads,” said Jon McAchran of AtCoastal Realty, president of REIN’s Board of Directors. “Consumers are still looking to buy.  They just need more homes, and the right homes, for them to choose from.”

McAchran pointed out that despite a dip in closings and pending sales, the median number of days homes were sitting on the market did decrease from March (15) to April (12).

“Buyers are becoming increasingly discerning in their choices, mostly due to the increased costs due to the higher interest rates, but they’re also acting quickly when a home that matches their criteria comes on the market,” said McAchran.

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