Navigating the Waves: Hampton Roads Real Estate Market Update for September 2023
As we move further into the vibrant colors of autumn, it's time for another insightful glimpse into the ever-evolving Hampton Roads real estate market. September brought us some intriguing shifts and trends that we believe you should be aware of. So, grab a cozy cup of your favorite fall beverage and join us as we navigate the waves of the Hampton Roads real estate scene.
Inventory Continues to Rise:
For the seventh consecutive month, the number of monthly active listings in the Hampton Roads region increased, reaching levels we haven't seen since October 2022. According to data compiled by the Real Estate Information Network (REIN), this surge in available properties is reshaping the market's landscape.
Slowing Sales and Mortgage Rates:
One of the driving forces behind this increase in inventory is a combination of slowing sales and the lingering impact of high mortgage rates. The current market dynamics have presented challenges for some potential buyers, leading to a decline in settled and pending sales.
A Word from Jon McAchran:
Jon McAchran, President of REIN's Board of Directors and a respected figure in our industry, shared his insights on the market's situation. While high mortgage rates may be affecting consumer demand, he emphasizes that the Median Sales Price (MSP) remains resilient. It's important to note that a slight dip in the MSP from the previous month (2.4%) is a typical seasonal adjustment as we transition into the autumn season.
September Data Highlights from REIN:
Active Residential Listings: 3,778 (Up from August but down 6.85% compared to September 2022).
Pending Sales: 1,947 (Down 14.9% from August and 15.02% year-over-year).
Settled Sales: 2,032 (Down 18% from August and 22.65% compared to last year).
Median Sale Price (MSP): $333,000 (Slightly down from August but up 7.42% compared to September 2022).
Month’s Supply of Inventory (MSI): 1.76 (Slightly higher than August and September 2022).
Median Days on Market (DOM): 17 (Slightly higher than August but comparable to last September).
Residential New Construction Sales: 203 (Comparatively lower than the previous month and last year).
Winter Market Outlook:
As we transition into the winter season, it's customary for the real estate market to experience a seasonal slowing. However, increased inventory presents opportunities for buyers in the coming months, especially if mortgage rates continue to ease. The Hampton Roads market remains dynamic, and there are still opportunities for both buyers and sellers.
Whether you are considering buying or selling, or if you simply want to stay informed about the market, we are here to assist you. Your real estate goals are our top priority, and we are dedicated to providing you with the latest market information and personalized guidance.
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