January 2024 Real Estate Market Update
As part of our commitment to keeping you informed with the latest market trends and insights, we're excited to share the recent developments in the Hampton Roads real estate market. According to the Real Estate Information Network (REIN), the leading provider of real estate data in our region, we're observing encouraging signs that indicate a positive momentum as we move into the spring market.
Key Highlights from January's Real Estate Data:
Rising Buyer Interest: There was a significant increase in pending sales in January, with a total of 1,837 pending sales, marking a 21.7% increase from the previous month. This is a strong indicator of growing buyer interest and demand in our area.
Increased Inventory Levels: Active residential listings saw a slight increase to 3,538 in January, up 1.4% from December and an 8.33% increase year-over-year. This rise in listings is a positive sign for potential home buyers, providing more options and opportunities in the market.
Affordable Median Sale Prices: The median sale price for homes in January was $320,500, showing a decrease from December's $330,000 but an increase from $303,000 in January 2023. This presents an attractive entry point for those looking to purchase homes at a favorable price point.
Market Supply and Demand: The Month’s Supply of Inventory (MSI) slightly increased to 1.72, indicating a healthy balance between supply and demand in our market.
Days on Market: The median days on market for January stood at 32 days, the highest in over three years, reflecting the seasonal slowdown and the impact of higher interest rates.
What This Means for You:
For potential home buyers, the current market conditions in the Hampton Roads region offer several advantages. With an uptick in active listings, softened median sales prices, and mortgage rates trending downwards, now may be an opportune time to consider making a move.
For sellers, understanding the slight increase in days on market and adjusting expectations accordingly will be key. However, with the right strategy and pricing, there are still ample opportunities to achieve successful outcomes.
Looking Ahead:
As we anticipate the arrival of warmer weather and a potential continuation of favorable mortgage rates, we're optimistic about the market's direction. Whether you're considering buying, selling, or simply exploring your options, our team at Sell Made Simple is here to provide the guidance and support you need.
We're committed to navigating these market dynamics together, ensuring a smooth and successful real estate journey for all our clients.
Looking to sell your home or buy in South Hampton Roads? Sell Made Simple Real Estate is grateful to serve all of South Hampton Roads, including Chesapeake, Virginia Beach, Norfolk and Moyock in North Carolina!
