Though the Hampton Roads housing market continued to see strong demand in August 2021, the utter frenzy of the past year appears to be calming down. Let’s take a closer look:
Although the amount of time listings are on the market slowed, inventory remained low.
REIN reports the average market time for listings increased to 22 days, up from a historic low of 20 days last month.
2,862 new residential listings were added to the market in August with a median list price of $295,000.
By the end of August, there were a total of 3,077 active listings, which is a 2.7% decrease from July BUT only 8.2% less supply than a year prior.
New construction listings increased for the 2nd month in a row, with 405 new construction listings available.
Demand remained constant throughout August 2021.
2,624 homes were sold in August across the southside of Hampton Roads, which is 4.83% more than were sold in August 2020.
The median sales price was $305,000 - a 7.06% increase year-over-year.
Over the past 12 months, an average of 2,204.6 homes are sold each month across the southside of Hampton Roads.
A Fading Frenzy
As we predicted, demand is here to stay for the foreseeable future - potentially all the way into 2025. However, the exceptional patterns of the past year seem to finally be shifting.
While buyers across the country continue to search actively for their new homes, properties that are in good condition but slightly overpriced are getting less offers and sitting on the market longer than they have in recent months. Bidding wars are still happening, but not as often as the beginning of the summer.
Moving forward, we expect to see price growth slowing, but competition in many areas is here to stay. Check out the other forecasted trends from the beginning of the year that we see occurring as predicted.
Check out our latest yearly forecast: 7 Housing Market Trends Coming in 2022!
The Bottom Line
As the temperature of the Hampton Roads housing market takes another turn, it’s wise to work alongside those who have been watching the details closely. Whether you are looking to buy or sell, work with a real estate professional you can trust. Contact our broker, Scott Westfall, for a free consultation.