VIRGINIA BEACH — The Hampton Roads real estate market continues to be depressed in November as the year draws to a close, with both open and closed sales decreasing month-over-month and year-over-year.
Mortgage rates and home sales prices are both rising, impacting the market, but sales typically slow around the winter and holiday seasons, according to housing finance agencies. The Real Estate Information Network (REIN) is a regional multiple listing service (MLS) that extends from Williamsburg east to Virginia Beach and south across the North Carolina state line.
“Traditionally, sales decline as buyers focus on other things during the holidays,” said John McAchlan, president of Real Estate Information Network, AtCoastal Realty. “That being said, it’s a great time of year for serious home buyers because competition will probably ease up a little bit for a few months.”
Mr McAchlan said REIN data shows the number of active listings has increased compared to the same month last year.
“Inflation appears to be trending down, and mortgage rates are starting to fall. Given the lack of buyers and ample inventory, this is a great opportunity for anyone serious about buying a home. ” McAchlan said.
The median home sales price across Hampton Roads is lower than it has been since April, which is also a positive for potential homebuyers, according to REIN.
November data points from REIN:
- Active residential property information The number of cases that month was 3,980. This was a slight month-over-month increase compared to October 2023 (3,968 people) and a 3.03% year-on-year increase from November 2022 (3,863 people).
- pending sale The total for November was 1,699. This is a 7.69% decline compared to October and a 7.16% decline compared to November 2022.
- Payment sales The number of cases for the same month was 1,690, a decrease of 10.77% compared to October and 12.12% compared to November 2022.
- Median selling price The (MSP) for homes sold in November was $330,000, compared to $330,140 in October and $302,000 a year ago.
- Monthly inventory supply The MSI (MSI) for November was 1.91, slightly up from 1.88 in October. MSI for November 2022 was 1.42.
- Median days on market (DOM) for the month was 19, same as October, down one day compared to 20 in November 2022.
- New housing construction MLS sales for the month were 224 units, matching last month’s sales of 224 units and up from 200 units last year.