Hampton Roads housing inventory rises, listings still low

Residential inventory in Hampton Roads has risen slightly from last year, although active listings remain below pre-pandemic levels, according to April data from the Real Estate Information Network Inc. (REIN).

Active listings in April were down 0.97% year-over-year from the 3,187 listings that REIN recorded in April 2022. Pending sales stood at 2,363, down 21% from last year. Settled sales were down 27% from April 2022, with 2,053 sales last month.

The month’s supply of inventory (MSI), a calculation of how long there would be homes on the market if no new inventory was added, was 1.32 in April, up from 1.01 in April 2022. The MSI in March was 1.27.

“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,” Jon McAchran with AtCoastal Realty and president of the REIN board of directors said in a statement. “Consumers are still looking to buy. They just need more homes, and the right homes, for them to choose from.”

The median sales price (MSP) in Hampton Roads remained at $320,000, the same MSP as March. That’s a 0.20% increase from April 2022, which had an MSP of $319,375. Last month, the South Hampton Roads MSP was $330,000, while the Virginia Peninsula’s MSP was $297,512. In South Hampton Roads, Virginia Beach had the highest MSP, at $365,000. James City County had an MSP of $480,000.

Residential listings spent a median of 12 days on the market in April, down from 15 days in March and up from seven days last year.

“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,” McAchran said in a statement.

Residential new construction sales numbered 277, down 7.58% from the 306 recorded in April 2022.

Compared with March, the region’s active residential listings rose slightly from the 3,124 recorded then. Pending sales in April dropped 11.8% from March’s 2,578. Settled sales dropped 9.9%, down from 2,277 in March.

Founded in 1969, REIN is a regional multiple listing services that covers an area stretching from Williamsburg east to Virginia Beach and south across the North Carolina border.