Throughout 2020, the real estate market faced a year like no other. Across all of Hampton Roads, we saw record-high sales, record-low active listings, and an unprecedented break from seasonal trends.
To better understand what happened during 2020, and better prepare for 2021, we reviewed the year-end housing statistics for the area. Here are some of the highlights from the 2020 Hampton Roads housing market:
Settled Sales of all detached and attached residential properties in Virginia Beach and surrounding cities were up 12.90% from 2019’s total sales in the area. While 2019 recorded 29,848 homes sold, 2020 pushed sales even higher to 33,697.
The 2020 average market time from listing to closing was a mere 42 days, despite a few months of market uncertainty when the pandemic initially began. Compare this to the average market time of 49 days in 2019.
A total of 3,799 new construction homes were sold in Hampton Roads last year. This was a 13.40% increase from the year before.
Average sales prices in 2020 rose 8.57% from the previous year. The end-of-year median price for a home came in at $266,000, with a mean price of $299,393.
The total number of new listings decreased by 4.45%. A total of 44,575 properties were added to the market in 2019, as compared to 42,591 in 2020.
Rental trends changed as well. New rental listings were down 23.39% for the year, while the total number of units rented was down 14.56%.
Fascinating fact: From January to December 2020, active listings dropped a remarkable 40.59%... despite increased new construction and only a slight dip in total new listings.
Top Performing Cities in Hampton Roads Real Estate
A few areas in Hampton Roads performed exceptionally well this year in terms of sales and price appreciation. Here are the top three:
Suffolk - Suffolk saw a 20.70% increase in total sales and a 9.30% increase in median sales price year-over-year. Suffolk was also the only city on the southside of Hampton Roads to see a positive increase in total new listings (up 0.92% for the year).
Norfolk - Throughout Norfolk, we saw an 11.26% increase in total sales in 2020. Compared to 2019, there was also a 9.30% increase in median sales price.
Virginia Beach - Total units sold in Virginia Beach increased 10.88%, while the median sales price also went up by 9.24%.
THE BOTTOM LINE
2020 was a year like we’ve never seen on the housing market here in Tidewater or across the country. But as things start to settle, make sure to take advantage of the best resources you can to invest confidently in real estate by subscribing to our monthly newsletter.
The experts at CGP Real Estate are here for you. Don’t hesitate to reach out today.
About the Author:
Scott Westfall is a licensed real estate broker with Broadsight Realty in Virginia Beach and owner of CGP Real Estate Consulting. CGP’s blog exists to give clients in Hampton Roads and beyond the power to buy, sell, and invest with confidence. Contact him today at CGP Real Estate to make your next real estate move in Hampton Roads.