At the end of April 2021, our experts analyzed the housing market statistics in southside Hampton Roads. In Virginia Beach and its surrounding cities, we found some notable trends!
The Big News
We are finally seeing an upward trend in supply! Lots of new homes hit the market in April, bringing about the first significant increase in available supply in Hampton Roads in well over a year.
While active supply was still down year-over-year from last April (39.92% down), the number of new listings jumped 33.01% YOY.
The median listing price was $305,000 for all actively available residential properties.
A few factors could be contributing to this shift - including COVID vaccination availability and more sellers looking to take advantage of the competitive real estate market.
The Continued Trend
Home sales remained high this April compared to last year’s numbers, as did the median sales price.
2199 homes sold - a 27.04% increase year-over-year.
The median sales price was $299,000 - a 14.70% increase YOY.
Quick turnaround is still the norm, with the average market time hitting 25 days.
April’s absorption rate started an upward trend at 2,088 per month.
The “absorption rate” per month is the average number of listings that have sold per month in the last year.
At the current selling rate, there are 1.24 months-worth of inventory currently on the market - up 0.07 from last month.
The large influx of new listings left us with 2,596 active listings at the end of the month - the result of a 7.6% increase in active supply from March 2021.
THE BOTTOM LINE
For months we’ve witnessed record lows in Hampton Road housing inventory. However, April brought about the shift we’ve been waiting for as supply flowed in to keep up with the high demand of the past year.
Though the market may not return to the “normal” of a few years ago, we expect the summer to ease a bit of the long-trending burden for homebuyers as predicted earlier this year. Make best use of the market fluctuations by making sure you have an expert real estate professional on your side.
*Disclosure: We pulled all our stats and info from the Hampton Roads Real Estate Information network (REIN). All interpretations, analytics, or derivations were conducted by CGP Real Estate.
**This data reflects the housing market in Hampton Roads Southside (Southside Norfolk, Virginia Beach, Portsmouth, Chesapeake, Suffolk, Smithfield, Isle of Wight, Franklin, Southampton, Surry, Sussex, Emporia, and Greenville). The information includes data on both existing homes and new construction homes.