The Hampton Roads real estate market has shown signs of improvement in February, despite facing challenges such as a shorter month and a few days of snowy weather, according to the latest data from the Real Estate Information Network (REIN).
Both pending and settled sales saw increases in February compared to January, although they were still lower when compared to February 2024. However, active listings and the median sale price showed a positive trend, indicating a healthier market as spring approaches.
Key Market Trends:
Active Listings: The number of active listings rose by 21.6% year-over-year, totaling 4,340 homes in February, slightly down from 4,366 in January.
Pending Sales: Pending sales were up by 7.3% from January, reaching 1,875, but still saw a decrease of 8% compared to February 2024.
Settled Sales: Settled sales increased by 11.7% month-over-month, totaling 1,551 homes, but were down by 9.25% compared to the same month last year.
Median Sale Price: The median sale price in February was $345,000, marking a 1.5% increase from January and a 5.43% rise from February 2024.
Days on Market: Homes were on the market for a median of 28 days in February, six days longer than the same period last year, reflecting a slight cooling in market speed.
Months’ Supply of Inventory (MSI): The MSI remained steady at 2.12 months, compared to 1.73 months in February 2024. The MSI indicates the time it would take for all homes on the market to sell if no new homes were listed.
Market Outlook:
Barbara Wolcott, president of REIN’s Board of Directors and a real estate expert with Berkshire Hathaway Home Services RW Towne Realty, commented on the positive outlook for buyers and sellers alike: “Having more homes on the market is good for home buyers, while strong selling prices are good for home sellers. And in recent weeks, mortgage rates have been inching down, which is good news for everyone. If that trend continues, it should help market activity as we head into the spring homebuying season.”
Wolcott also noted that with more options available to consumers, there is less pressure to make quick decisions, which can be a relief for both buyers and sellers.
New Construction:
Residential new construction sales were slightly down from last year, with 168 units sold in February compared to 170 in January and 200 in February 2024.
As the spring season approaches, these positive indicators suggest that the local real estate market is poised for continued growth and activity.
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