HAMPTON ROADS, Va. (WAVY) – Home prices in Hampton Roads have reached a record high for the second month in a row, according to a report from Real Estate Information Network Inc.
The report says the median sales price from the month of June was $345,000, which is a $10,000 increase from the median sales price in May. June also saw an increase in both active listings and settled sales, however, REIN says these numbers have significantly decreased compared to those in June 2022.
Real estate broker Dorcas Helfant-Browning said the rising prices play to the scarcity of homes on the market.
As of Tuesday afternoon, there were about 3,300 homes for sale in Hampton Roads.
“People don’t always understand what median means,” Helfant-Browning said. “They say I can’t afford that, but median means half the homes in the market are more than that and half are under that, so there’s opportunities in all segments of the market today.”
Helfant-Browning said in their Newport News Office, they’re seeing more sales on the Smithfield side.
She said no matter where they are, they aren’t staying on the market long. The REIN report said the average in June was about 11 days.
“A good healthy market anywhere in the country is six months of inventory,” Helfant-Browning said. “In other words, homes come on the market, you have six months you can look leisurely and select, you can tour, by the time you get to the next house in this market if it’s a nice home in a great neighborhood it will be gone.”
The Months’ Supply of Inventory (MSI) for June was 1.47, which was also up from May and June 2022. AtCoastal Realty and President of REIN’s Board of Directors Jon McAchran says this is because of slowing real estate sales.
“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.”
Helfant-Browning said the lack of inventory doesn’t mean you should be a bad consumer. She says understand what you can afford and be sure when you’re ready to buy.
“Inventories are tight,” Helfant-Browning said, “and people who are ready are the ones that usually win on contract offers.”
