Key Market Trends:
Sales outpaced last January in the Virginia Peninsula region, driven by strong growth in York County and Hampton markets. There 551 sales across the Virginia Peninsula footprint in January, 26 more sales than last year, representing a 5% increase. York County led all local markets in growth, with 14 more sales than last January, a 16.3% increase. Home sales in Hampton were up 4.9% from a year ago, a gain of nine sales. Poquoson was the only local market to have a slowdown in sales activity this month, with four fewer sales than in January 2021 (-22.2%).
Pending sales are way down compared to a year ago in the Virginia Peninsula market. There were 322 pending sales in the Virginia Peninsula area in January, 281 fewer pending sales than a year ago, which is a 46.6% drop in activity. This is the largest drop in the region in more than five years. All local markets had fewer pending sales this month. The sharpest slowdown was in York County (-63.8%), Poquoson (- 60.0%), and Isle of Wight County (-57.1%).
Prices continue to climb in most parts of the Virginia Peninsula region. At $250,000, the January median sales price in the Virginia Peninsula area rose 4.2% from a year ago, which is a gain of $10,000. At the local level, the strongest price growth this month was in Poquoson (+11.9%), Isle of Wight County (+6.2%), and Hampton (+5.6%). The median price inched down in Newport News this month (-2.0%).
New listings plummet, overall inventory tightening in the region. There were 878 active listings in the Virginia Peninsula footprint at the end of January, 75 fewer listings than a year ago (-7.9%). There were 431 new listings that came on the market in the region in January, a 35.7% reduction from a year ago. This is the sharpest slowdown in new listings in the region in more than five years.
Key Market Trends: