As March came to a close, we took a look at the activity on the housing market in southside Hampton Roads. For Virginia Beach and its surrounding cities, there were some trends worth noting:
Keeping with 2021’s theme, more homes sold this March than a year ago, and the median price remains higher than last year’s.
2185 homes sold - a 17.28% increase year-over-year.
The median sales price was $285,000 - a 10.70% increase YOY.
The average market time was 29 days.
Supply decreased again in March compared to 2020. There were 2,282 new listings on the Hampton Roads market, leaving us with 2,400 active residential listings by the end of the month.
This is a 45.28% decrease in active listings for the month of March YOY.
For new listings, it’s a 19.48% decrease YOY.
The median list price was $299,900 for all actively listed residential properties.
The absorption rate at the end of March was 2,050 per month.
The “absorption rate” per month is the average number of listings that have sold per month in the last year.
At the current selling rate, there are only 1.17 months-worth of inventory currently on the market.
THE BOTTOM LINE
Altogether, the United States has seen a frenzy of buyers looking for homes. With limited inventory it’s never been more crucial to have an expert on your side and direct access to the local MLS market in its Real Estate market. The home-buying process has seen its share of the madness in Virginia Beach, Norfolk, and surrounding Hampton Roads cities. To compete with offers and cut through the madness remember to partner with a local expert to set the pace to winning the sellers attention and scoring your new home!
About the author:
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.