Despite tight inventory and mortgage rates that are higher than they’ve been in recent years, the Hampton Roads housing market continues to belong to home sellers. The median sales price (MSP) of all homes sold across the region for the month of July stood at $340,000. That’s the second-highest monthly MSP on record.
The Real Estate Information Network (REIN), the Multiple Listing Service (MLS) for the region and the leading provider of real estate data in Hampton Roads has released its most recent numbers. While selling prices remain strong and inventory is slowly creeping up, pending sales and settled sales were down both month-over-month and year-over-year.
“Despite pending sales and settled sales being lower than we might like them to be, it’s still a good time to sell a home and sellers are still in control,” said Jon McAchran of AtCoastal Realty and REIN Board President. “Most homes are still selling for the list price, and most homes are still selling quickly.”
McAchran said that at just 12 days, the median days on market (DOM) for homes sold via the MLS this July was the same as it was last July, and just one day higher than the DOM for July 2021, when the “pandemic” market was in full swing.
“The buyers are still out there and regardless of prices or mortgage rates or inflation, when they find a home they want they’re willing to move, and to move quickly,” said McAchran.
July data points from REIN:
Local Home Listings You Can Trust.