March 2024 Real Estate Market Update
In March 2024, the real estate market in Virginia Beach experienced notable shifts, marked by an increase in the number of homes listed for sale, a rise in median selling prices, and a decrease in the median days on the market. Let's delve into the details provided by the Real Estate Information Network (REIN), the authoritative source for real estate data in Hampton Roads.
Inventory Trends:
The number of homes available for sale in Virginia Beach surged in March, with 3,574 active residential listings. This figure represents a slight uptick from February's 3,568 listings and a significant 14.4% increase from March 2023, reflecting a positive trend in inventory growth.
Comparing this to previous years, March 2024 showcased the highest number of active listings for that month since March 2020, indicating a notable recovery from the market conditions seen during the pandemic's onset.
Sales Performance:
Despite the increase in inventory, pending sales slightly declined year-over-year, standing at 2,317 in March 2024 compared to 2,454 in March 2023. However, settled sales saw a month-over-month increase, totaling 2,057, up from 1,709 in February.
Pricing Dynamics:
The median sale price (MSP) of homes sold during March rose to $332,000, showing a steady upward trajectory from $320,000 in March of the previous year. This appreciation in home values reflects the continued demand in the Virginia Beach housing market.
Market Supply and Demand:
The Month's Supply of Inventory (MSI) for March 2024 was calculated at 1.75, indicating a slight increase from the previous month but a notable rise from March 2023's figure of 1.27. This metric suggests that while inventory is increasing, demand remains robust.
Market Activity:
Residential new construction sold via the MLS during March totaled 245, showcasing ongoing development activity in the area. Additionally, the median days on the market (DOM) decreased to 18 days, down from 22 in February but slightly higher than March 2023's median DOM of 15 days.
Market Insights and Outlook:
The surge in inventory levels in March 2024 offers prospective buyers a wider selection of homes to choose from compared to previous years. This increased choice, coupled with a moderate rise in median selling prices, presents an opportune moment for buyers to find their ideal home while potentially facing less competition.
As we transition into the spring and summer months, the real estate market in Virginia Beach is poised for continued activity. With a robust inventory, favorable pricing dynamics, and sustained demand, both buyers and sellers can navigate the market with confidence.
The latest data from REIN underscores the resilience and vibrancy of the Virginia Beach real estate market, signaling promising opportunities for all stakeholders in the months ahead.
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