The residential real estate market in Hampton Roads saw a healthy addition of new listings last month, while settled sales continued to remain strong during November 2020 - defying seasonal norms.
CGP Real Estate’s got the data from REIN, so let’s take a look.
Demand for homes in Hampton Roads remained robust in November.
Between new construction and standard resale, a total of 1,979 properties were sold.
This is a 21.93% jump from 1,623 properties sold in November 2019.
The average time for a property to stay on the market was 30 days.
Primed to buy? Snag the perfect home as soon as it hits the market by using CGP’s free MLS search tool.
A total of 2,009 new listings were added throughout the month of November.
This is a 3.59% increase in new listings from 2019.
Although this is great news, it should be noted that detached single-family listings were actually down 2.48% year over year, while listings for attached properties like condos and townhomes were up 26.80% from 2019.
The median list price for November 2020 was $269,900 - lower than the median sales price - but that can be attributed to the influx of attached listings of lower value than many homes sold.
The median sales price rose 12.85% year over year.
The median sales price in November was $281,000 in 2020, compared to $249,000 in 2019.
With a continuation in increased sales and increased sales price, the market is holding strong even into the winter.
Ready to sell? Don’t miss out on the strong market- work with CGP’s licensed broker to list and sell your home in Hampton Roads.
Low supply has been the running theme of 2020, and it did not stop in November.
November 2020 ended with 2,879 active listings in Virginia Beach and surrounding cities - a 40.28% decrease compared to last November.
In the last year, we’ve seen an average of 1,931.33 homes sold per month. It’s more important than ever to work with a real estate professional.
Investor Tip: Investors may find it challenging to find a multi-family property to purchase right now. The market is hot for single-family homes (and attached condos and townhouses), but supply has been low on multi-family homes. If you’re looking to break into real estate with a duplex or quadplex to rent out, make sure you have an experienced broker on your side to seize the best opportunities.
THE BOTTOM LINE________________________________________
As 2020 comes to an end, the real estate market continues to be a bright spot in a time of economic uncertainty. Boosted by low interest rates, steady demand has driven inventory unbelievably low. In turn, both home values and homeowner equity has grown substantially. It’s easy to think something is going to change, but all the signs point to continued growth in the near-term.
About the author and CGP:
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, call or text (757)375-4550.
*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.