Area Real Estate Market Avoids May Slowdown

Area Real Estate Market Avoids May Slowdown

VIRGINIA BEACH, Va. (June 2022) – Despite recent reports of a slowdown in residential real estate markets across much of the nation, May in the Hampton Roads region saw month- over-month increases in settled sales, pending sales, active listings, median sales price (MSP), and even Months’ Supply of Inventory (MSI).

The Median Sales Price across the region in May set another new record high, reaching $328,795. That’s up from $319,900 in April, which was itself a short-lived record.

Inventory also continues to trend up – ever so slightly.

• Active listings for May were 3,436. That’s up by 7.8% month-over-month, but down 10.38% year-over-year.

• Settled sales during May were 3,191. That’s up 13.4% from April, but down 5.5% from May 2021.

• Pending sales for May stood at 3,263, a 5% increase month-over-month, but an 8.8% decrease year-over-year.

• New residential listings added to the market in May totaled 3,723. That’s down slightly from 3,889 added to the market in April.

• Average days on market (DOM) for listings was eight for the month of May, up one day from seven in April.

• Residential new construction sold in the MLS during May was 265, down 14.5% from 310 reported in May 2021.

By: Rami Yoakum, REIN Communications Specialist