The July 2021 housing market continued at a record pace but flashed signs of cooling-off for the first-time in almost a year. Our experts have pulled the statistics from southside Hampton Roads to give you the highlights:
Supply on the Southside of Hampton Roads increased for the 5th month in a row.
REIN reports a total of 3,218 new residential listings were added to the market in July with a median list price of $299,000.
By the end of July, there were a total of 3,162 active listings, which is a 11.14% increase from June and only a 14.5% less supply than a year prior.
New construction listings remain at an all time low with only 372 new construction listings available.
This is the 5th straight month supply has increased.
The increase in supply does not mean demand has diminished.
2,686 homes we sold in July across the southside of Hampton Roads, which is 4.11% more than were sold in July 2020.
The median sales price in July was $310,000 - a 10.75% increase year-over-year.
The average market time for homes sold continues to remain historically low at just 20 days.
Signs of cooling?
For the first-time in 2021, REIN reports that pending sales were down 4.31% year-over-year in July. Historically, lower pending sales results in a lower amount of total homes sold the following month. This is a trend to keep an eye on as the summer comes to an end.
The Bottom Line
Low mortgage rates and favorable home-buying demographics will continue to fuel demand for homes in Hampton Roads for the foreseeable future. However, we remain confident that price growth will begin to slow over the next few months which will help help many buyers who are starting to feel priced out of the market.
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.