On Trend, Median Sales Price For Homes Takes Seasonal Dip
On Trend, Median Sales Price Takes Seasonal Dip
As past seasonal trends indicated they might, the median sales price (MSP) of residential homes sold in Hampton Roads took a very slight dip in August – by just 1.0% to $297,000. This represents the first drop in MSP since January of this year.
REIN, Southeastern Virginia’s Multiple Listing Service (MLS), reported that the trend follows the past three years, which showed a similar drop from July to August. The MSP in January 2021 was $264,900, making August’s MSP an increase of 12.1% since the beginning of the year, with a peak MSP for 2021 of $300,000 reached in July.
Year-over-year, the residential median sales price increased 8%, from $275,000 in August 2020.
“Data from past years show that the median sales price tends to level off at this time of the year, so what we’re seeing is a normal trend,” said Harry Cross, President of REIN’s Board of Directors. “The local market is still very active, with pending sales up nearly 3% for the month.”
With active listings down and pending sales up, Cross said it’s no wonder the Month’s Supply of Inventory dropped from 1.47 to 1.41, which is also a 26% drop from 1.91 in August 2020.
“Again, this matches historical yearly trends and doesn’t necessarily indicate a big shift in the market,” Cross said.
● The number of residential active listings for the month was 4,467, down year-over, compared to 5,105 in August 2020 and also down slightly from 4,621 recorded in July.
● Settled sales were up 8.39% year-over, with 3,667 in August 2021, compared to 3,383 in August 2020.
● The number of days on market (DOM) for homes in Hampton Roads crept up from 11 in July to 12 in August.
● Residential new construction sales listed in the MLS for August were 304, compared to 329 in July and 350 at the same time last year.
● Pending residential sales for the month were 3,645, a slight increase from 3,544 in July and a 6.67% increase over 3,417 in August 2020.
● Homes priced in the $200,000-$299,000 range make up about 31.8% of all active residential properties and remain the hottest sellers.
- By: Rami Yoakum, REIN Communications Specialist
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