Hampton Roads home sales down in November

Home sales in Hampton Roads were down in November, both compared with October and November 2022, the Real Estate Information Network (REIN) reported in December.

A total of 1,690 settled sales were down 10.77% from October and 12.12% from November 2022, according to REIN. Pending sales were also down 7.69% compared with October and 7.16% compared with November 2022. The median sales price of homes sold in November was down slightly, from $330,140 in October to $330,000 in November. But it’s up from $302,000 in November 2022.

There were 3,980 active residential listings, up slightly compared to October (3,968) and up about 3% compared with November 2022. Also, the median days on the market was 19, the same as October and down one day compared with the year prior.

“Traditionally, buyers get focused on other things around the holidays and sales see a decline,” Jon McAchran of AtCoastal Realty and president of REIN’s board, said in a statement. “That said, this is a great time of the year for serious homebuyers since competition will probably be a bit less intense for a couple of months.”

The inventory of houses for sale has remained steady and is up slightly from last month and from November 2022.