Key Market Trends: March 2022
Sales continue to slightly outpace last year in the Virginia Peninsula market, all of the growth occurring in Hampton and Newport News. There 744 homes sold in the Virginia Peninsula footprint in March, 22 more sales than last year, which is a 3.0% increase. All of the additional sales this month were in Hampton (+13.6%) and Newport News (+10.5%). Sales activity in Poquoson was down 30.0% from last March, and sales in Isle of Wight County dropped 24.1%.
Pending sales activity way down from a year ago, fifth straight month of double-digit declines. There were 397 pending sales in the Virginia Peninsula area
in March, 403 fewer pending sales than last year, which is a 50.4% reduction. All local markets had fewer pending sales this month. The sharpest drops were in Isle of
Wight County (-69.3%), York County (-60.2%), and Hampton (-48.3%).
Home prices continue to climb in most parts of the Virginia Peninsula footprint. The March median sales price in the region was $265,000, a $20,000 increase from last year, an 8.2% gain. The median sales price in Hampton rose 9.1% from last March, and Newport News had a 6.2% median price gain. Poquoson was the only local market to have a drop in the median sales price this month, falling 19.4% from last March.
Inventory in the region’s housing market continue to shrink. There were 765 active listings on the market at the end of March, 14.0% fewer listings than last year, which is a reduction of 125 listings. Hampton was the only local area to have an uptick in supply this month (+9.8%). Fewer homes are coming on the market in the area; there was a 36.3% drop in new listings compared to last March
Please see the complete report here: Virginia Peninsula Market Indicators Report (March 2022)