Low housing inventory remains heavy on real estate professionals’ minds–but stock decreasing can only drive up prices.
The Hampton Roads region, stretching from Williamsburg, Virginia to North Carolina, is experiencing that right now, notes The Real Estate Information Network (REIN), an MLS with a coverage area stretching across the Hampton Roads region in its newly released data tracking changes to the local market both month over month and year over year.
The local Months’ Supply of Inventory (MSI) for June 2023 was 1.47, up both month-over-month from 1.37 in May 2022 and year-over-year from 1.33 in June 2022. However, this is still low enough to qualify Hampton Roads as a seller’s market, the MLS stated.
Further key findings in this data include:
- Active listings in REIN’s service area dropped year-over-year by 18.18%, from 4,114 to 3,366.
- Pending sales dropped 15.51%, from 2,979 to 2,517.
- Settled sales dropped further by 19.72%, reaching 2,667 from 3,322.
- New construction sales likewise dropped by 11.99%, from 292 sales to 257.
- The Median Sales Price in the region, though, increased by 5.84%, rising from $325,950 to $345,000.
The takeaway:
“Seasonally, the month-over-month increases were expected, but they’re still important,” said Jon McAchran of AtCoastal Realty and President of REIN’s Board of Directors. “However, when we compare active listings and settled sales to last year, we’re still well below 2022 numbers, and inventory continues to be lower than where we need it to be for a healthy, balanced market.”
“The MSI is up mainly due to slowing sales, which in itself is being impacted by a lack of inventory causing price increases,” said McAchran. “But, all things considered, the Hampton Roads market is much healthier and more robust than markets in many other parts of Virginia and the United States.”
To see an infographic summary of the report, click here.
