February 2021 Housing Market Trends| Hampton Roads Real Estate
As we approached the one-year anniversary of the global shutdown, we continue to witness the strong effects the last 12 months have had on the housing market. The CGP team is breaking down the real estate stats for you:
Market pickings were slim for southside Hampton Roads in February.
Compared to the same time last year, the total number of homes for sale was down a shocking 47.57%. There were only 2220 active listings last month, as compared to the 4234 in February 2020.
New inventory numbers were also down, but only by 9.32% from last February.
The median list price for active listings was $299,900 - up $10,000 from last year’s. For new listings, it was $280,000 (a 3.74% increase year over year).
Of the total active listings, only 454 are “new construction” properties.
Over the past 12 months, an average of 2022.6 homes sold per month. With only 2063 new listings added to the MLS in February, the absorption rate is now only 1.10.
Homes continue to sell quickly.
In February, 1591 buyers were able to close on Hampton Roads homes - a 20.99% increase in closed transactions compared to the year before.
The median sales price last month was $277,000.
The average market time from listing to finalizing a transaction was a mere 31 days.
THE BOTTOM LINE
The home-buying process is a fast and furious one in Virginia Beach, Norfolk, and surrounding Hampton Roads cities right now. It’s never been more crucial to have an expert on your side and direct access to the local MLS.
About the author & CGP Real Estate:
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.