Record-Breaking Home Prices and Listings: What May's Real Estate Data Means for You!
As we dive into the summer season, we want to keep you informed about the latest trends and data in the Hampton Roads real estate market. May has been a notable month with significant changes in both home listings and prices.
Market Highlights:
Increased Listings: For the first time since October 2022, the number of homes listed in the MLS has topped 4,000. The total active residential listings for May reached 4,264, marking a 33% year-over-year increase from May 2023.
Rising Prices: The Median Sales Price (MSP) of homes sold in May hit a record high of $352,392. This is a 5.2% increase from May 2023 and a 3.6% rise from April 2024.
Pending Sales: The number of pending sales in May was 2,546, slightly down from 2,569 in April and 2,856 in May 2023.
Settled Sales: May saw 2,498 settled sales, up from 2,189 in April and matching the number of closings from May 2023.
Month’s Supply of Inventory (MSI): MSI increased to 2.07 from 1.87 in April and 1.37 in May 2023. This indicates a growing supply of homes on the market.
Median Days on Market (DOM): The median DOM in May was 15, compared to 14 in April and 11 in May 2023.
New Construction: Residential new construction sold via the MLS in May was 253, up from 245 in April and comparable to 251 in May 2023.
Gary Lundholm of The Real Estate Group and President of REIN’s Board of Directors notes that while the increased selection is beneficial for buyers, the high MSP poses challenges due to income not keeping pace with rising prices.
What Does This Mean for You?
For Sellers: The current market conditions are favorable, with high prices and increased buyer activity. If you've been considering selling, now is a great time to take advantage of the market.
For Buyers: Although prices are rising, the increased inventory offers more options. It's essential to work with a knowledgeable realtor to navigate the market effectively and find the right home within your budget.
At Sell Made Simple, we're here to support you through every step of your real estate journey. Whether you're buying or selling, our team of experienced investors and realtors is ready to provide expert guidance and personalized service.
Feel free to reach out if you have any questions or need assistance with your real estate needs.
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!
