For the seventh straight month, the number of monthly active listings in the Hampton Roads region increased, reaching the highest total since October 2022.
According to data compiled by the Real Estate Information Network (REIN), while the number of homes on the market increases, settled and pending sales are both down month-over-month and year-over-year.
“The combination of mortgage rates and selling prices continues to challenge some wouldbe buyers,” said Jon McAchran of AtCoastal Realty and President of REIN’s Board of Directors. “However, homes are still selling, as shown by the median days on market, which is the same as it was last year at this time.”
The median sales price of homes sold across the region was down very slightly compared to September but was 6.5% higher when compared to October 2022.
McAchran said REIN’s data shows that October’s active listings for the Southside markets were up 5.3% from September, but down 2.57% when compared to October 2022. For the Peninsula, active listings for October were up month-over-month 4.27%, but down 4.29% year-over-year.
“As we head into winter the real estate market invariably experiences a seasonal slowing. Increased inventory is a good thing and perhaps it will benefit consumers during the coming months, especially if mortgage rates, which fell slightly last week, continue to ease,” said McAchran.
October data points from REIN:
Local Home Listings You Can Trust.