June 2021 Housing Market Trends in Hampton Roads
The June 2021 housing market continued to show some interesting post-quarantine trends, and our experts have pulled the statistics from southside Hampton Roads to give you the highlights:
Both new construction and existing home sales in Virginia Beach and surrounding cities remained strong.
2,697 homes were sold in Hampton Roads in June 2021, which is 28.43% more than were sold in June 2020.
Compared to the month before, however, this was a 12.9% increase in the number of homes sold.
Homes sold for a median price of $305,000 - a 13.38% increase year-over-year.
New listings continued their upward annual trend while active listings continued to remain historically low.
Hampton Roads saw a 15% increase in new inventory added compared to the previous June, but new listings actually decreased 1.04% compared to last month.
At the end of June 2021, we found 2,845 active listings on the market for Virginia Beach and surrounding cities - a 26.5% decrease compared to last June.
Properties listed for rent continue to be scarcer than ever, with active rental listings down 47.7% year-over-year.
Properties on the Hampton Roads housing market continue to sell fast and for top dollar.
Properties were only on the market for an average of 22 days this June.
The median list price for homes on the market in June remained high, averaging $305,000 (a 1.6% increase from May 2021).
The Bottom Line
Despite the statistics from June 2021, we are hopeful that we are coming to the end of all-time inventory lows and sky-rocketing price growth. Any increase in interest rates should help cool the housing market back to a more healthy level. Whether you’re buying or selling, it’s important to have an expert you trust on your side to help you successfully navigate this ever-changing market.
Looking for up-to-date stats and interactive tools to help you navigate the Hampton Roads housing market? Subscribe to our free newsletter and get early access to our new dashboard launching August 2021!
*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.