February 2024 Real Estate Market Update
We are pleased to share with you the latest insights from the Hampton Roads real estate market, which continues to display resilience and growth despite slight increases in mortgage rates throughout February. The Real Estate Information Network (REIN), the region's primary multiple listing service, has recently released data indicating positive trends that bode well for both homebuyers and sellers as we move closer to the vibrant spring season.
Key Takeaways from February's Market Data:
Increased Inventory: The number of active residential listings has seen a notable increase, totaling 3,568 in February, up from 3,538 in January and marking a significant 13.9% rise from February 2023.
Rising Sales Activity: Both pending and settled sales have shown upward momentum. Pending sales rose to 2,138, an increase from 1,837 in the previous month and up from 2,058 year-over-year. Settled sales also climbed to 1,709, from 1,470 in January and 1,684 in February 2023.
Appreciating Home Values: The median sale price (MSP) of homes in the region reached $327,500 in February, showing a positive trend both month-over-month and year-over-year, compared to $320,500 in January and $313,650 in February 2023.
Reduced Days on Market: Homes are selling faster, with the median number of days on the market dropping to 22 days from January, although slightly up from the previous year.
Supply Dynamics: The Month’s Supply of Inventory (MSI) saw a slight increase to 1.73, indicating a balanced market that leans towards sellers, yet providing enough inventory for buyers.
Looking Ahead:
Gary Lundholm, President of REIN's Board and a key figure at The Real Estate Group, commented on the findings: "These are some encouraging signs as we approach the spring season. While the market can change quickly, the current data shows a healthy activity level that is promising for both buyers and sellers." REIN continues to serve its members and the community by providing comprehensive listings, technological resources, training opportunities, and valuable market data and statistics. This ensures that real estate professionals are well-equipped to navigate the market and support their clients effectively.
The Hampton Roads real estate market is showing encouraging signs of growth and stability, making it an opportune time for those looking to buy or sell properties. Despite the slight uptick in mortgage rates, the increase in inventory and sales activity, along with the appreciating home values, present a positive outlook for the region's real estate landscape.
Should you have any questions or need further assistance with your real estate needs, please do not hesitate to reach out. Our team is here to support you every step of the way.
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