Navigating the Waves: 2023 Q4- A Dive into Hampton Roads Real Estate Trends

By: Chad Keeney  

Hey there, fellow homeowners, homebuyers, and real estate enthusiasts! As we sip our pumpkin spice lattes and cozy up for the winter ahead, let's take a peek into the latest happenings in the Hampton Roads real estate scene. October has been quite the month, with intriguing twists and turns in the market that could impact our property dreams. So, grab your favorite blanket, settle in, and let's break it down.

The Rise and Rise of Active Listings

For the seventh month in a row, we've witnessed a surge in monthly active listings, hitting levels not seen since the spooky season of 2022. It's like a real estate rollercoaster, and we're strapped in for the ride. More choices for us as buyers, but what does it mean for the overall market?

Sales, Sales, Where Art Thou?

Surprisingly, while the number of homes up for grabs is on the up and up, both settled and pending sales seem to be taking a breather. According to data from our friends at the Real Estate Information Network (REIN), the dance between mortgage rates and selling prices is keeping some eager buyers on the sidelines. It's a challenge, but fear not - the market always finds its rhythm.

The Price Tag Tango

Let's talk numbers. The median sales price of homes is doing the cha-cha, dipping just a bit from September but showing off a 6.5% shimmy compared to the same month last year. It seems our homes are putting on their finest attire, and buyers are willing to pay a bit extra for the glitz.

Regional Rhythms

The beats differ across the Southside and Peninsula markets. Active listings are grooving to a 5.3% increase in the Southside from September, while the Peninsula has its own moves with a 4.27% uptick. Year-over-year, though, the rhythm changes – a 2.57% dip for the Southside and a 4.29% slide for the Peninsula.

Winter is Coming

As we head into the winter months, the real estate tempo tends to slow down. But here's the silver lining - increased inventory is like a warm cup of cocoa for buyers. Plus, with mortgage rates doing a little soft-shoe shuffle, there's hope that the market might be a bit kinder to our wallets.

Positive Predictions for the Future

Now, let's gaze into our crystal ball for the coming quarter. With active listings on the rise and a potential ease in mortgage rates, we could be in for a treat. The seasonal slowdown might just work in our favor, giving us more negotiating power and perhaps a few sweet deals under the tree. The 1.88 Month’s Supply of Inventory (MSI) is the highest since August 2020, and that's something to celebrate.

In conclusion

Folks, the Hampton Roads real estate market is like a well-choreographed dance – some dips, spins, and a bit of unpredictability. As we wrap ourselves in winter warmth, let's stay optimistic. The market has weathered storms before, and this one is no different. Here's to a promising end to the year and the exciting possibilities that the next quarter might unfold for all of us in the Hampton Roads community.

Stay warm, stay informed, and happy house hunting!