After a year like no other, the 2021 housing market in Hampton Roads continued to improve. Here, CGP Real Estate breaks down the January 2021 market stats from REIN, so let’s take a look.
Purchases of both new and existing homes remained strong.
1,602 homes were sold in Hampton Roads in January 2021, which is 33.5% more than were sold in January 2020.
Homes sold for a median price of $269,450 - an 11.92% increase year-over-year.
Only 2,182 new listings were added during January.
This was a 12.58% decrease in new inventory compared to the previous January.
The median list price for homes on the market in January accelerated to $284,900, up 9.27% year-over-year.
Properties were only on the market for an average of 32 days.
Active listings crept even lower than the month before.
At the end of January 2021, we found only 2,462 active listings on the market for Virginia Beach and surrounding cities - a 42.10% decrease compared to last January.
Throughout the last year, we saw the average number of homes selling per month equal 78% of total available listings on the MLS. Now that’s high-demand!
The inventory for rental homes reached a new record low.
The total number of units rented in January was 418 - just shy of the total number of new rental listings added.
New rental listings last month dropped 46.50% from last year (815 in 2020; 436 in 2021).
THE BOTTOM LINE
The inventory shortage is becoming unbearable for many buyers & renters in Hampton Roads. Whether you are looking to buy or rent - it probably feels like a desert out there. And Hampton Roads is not alone - housing records are being observed nationwide.
There is hope! Mortgage interest rates are on the rise. As rates continue to rise, we expect a slight pull back in demand - giving the market some much needed breathing room to balance out.
No matter your real estate goals for 2021, make sure you’re working with the best. CGP’s team is here to help you invest with confidence in any climate.
About the author and 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.