April 2024 Real Estate Market Update
The real estate landscape in Hampton Roads for April showcased resilience and vigor, despite the persistent challenge of high mortgage rates. Data compiled by the Real Estate Information Network (REIN) paints a picture of a market marked by increased sales, burgeoning inventory, and steadfast consumer demand.
Gary Lundholm, President of REIN’s Board of Directors and a prominent figure at The Real Estate Group, expressed optimism about the market's trajectory. "The combination of increased sales and increased inventory is a positive development for the local market," he noted. "When there are more homes on the market, buyers are much more likely to find a home that is right for their family’s needs."
Key Highlights from April's Market Data:
1. Increased Inventory: The number of active residential listings surged to 3,837, up from 3,574 in March and a notable rise from 3,156 in April 2023. This increase signals a broader range of options for prospective buyers, enhancing their ability to find their dream home.
2. Upward Trend in Sales: Both pending and settled sales witnessed an uptick. Pending sales for the month totaled 2,569, a rise from 2,317 in March and a significant jump from 2,363 in April 2023. Settled sales followed suit, reaching 2,189, up from 2,057 in March and 2,053 in April 2023.
3. Median Sales Price (MSP) Soars: Despite the challenges posed by high mortgage rates, the Median Sales Price soared to $344,000, marking the second-highest monthly figure on record for the region. This robust MSP reflects the unwavering determination of buyers to secure their desired properties.
4. Month’s Supply of Inventory (MSI): The MSI for April stood at 1.87, a slight increase from March but a notable rise from April 2023. This metric, which gauges the market's balance between supply and demand, indicates a healthy equilibrium despite the increased inventory.
5. Rapid Turnaround: Properties spent a median of 14 days on the market, showcasing the swift pace at which transactions are occurring. This is down from 18 days in March and in line with the median DOM of 12 days in April 2023.
6. Growth in New Construction: Residential new construction sold via the MLS totaled 245, maintaining the momentum from March and demonstrating a significant increase from April 2023.
The real estate market in Hampton Roads continues to exude resilience and vitality, driven by increased inventory, robust sales activity, and unwavering consumer demand. Despite the challenges posed by high mortgage rates, buyers remain undeterred, determined to secure their dream homes in this dynamic market.
With REIN serving as the leading provider of real estate data in Hampton Roads, stakeholders can rely on accurate and comprehensive insights to navigate the evolving landscape effectively.
For more information and personalized assistance in navigating the Hampton Roads real estate market, feel free to contact Sell Made Simple's dedicated team of experts.
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