December 2020 Housing Market Update | Hampton Roads Real Estate
Updated: Feb 17
As we wrapped up 2020, the Hampton Roads housing market continued to show unheard of strength in December sales, while listings continued to struggle to keep up with demand.
CGP Real Estate breaks down the monthly data from REIN, so let’s take a look.
The number of homes sold sets another record in December.
Between new construction and standard resale, a total of 2,217 properties were sold in December.
This is a significant jump (28.93%!) from the 1,730 properties sold in December 2019.
Homes sold for a median price of $279,999 - a 12% increase year-over-year.
And while we saw 1,863 new listings added throughout December 2020...
This is a dramatic 23.05% increase in new listings from the same month in 2019.
The median list price for December was $269,900.
Properties were only on the market for an average of 31 days.
… Active listings still hit rock bottom.
At the end of December 2020, we found only 2,535 active listings on the market for Virginia Beach and surrounding cities - a 38.11% decrease compared to last December.
Throughout the last year, we saw the average number of homes selling per month equaling 78% of total available listings on the MLS. Now that’s high-demand!
Hampton Roads Real Estate Fact of the Year: Besides July, no other month in 2019 saw as many home sales as December 2020 did in Hampton Roads.
THE BOTTOM LINE
December 2020 was one for the record books. In what is typically the slowest month of the year for Hampton Roads real estate, home sales and median sales price took the market by storm. No month (except July) in 2019 could even stand up to it.
Whether you are buying or selling in 2021, there’s hope. Check out our 2021 Housing Market Forecast to help prepare for your next investment.
Whether you are looking for a new place to live or looking to cash in on your real estate investment, our licensed broker can help guide you through this unprecedented climate and move forward with confidence.
About the author and CGP:
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. To contact Scott directly and learn more about buying or selling a home with CGP Real Estate, visit www.cgprealestateconsulting.com/get-in-touch.
*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.