October 2019 Residential Market Update Hampton Roads Real Estate
Updated: Oct 7, 2020
Our team at CGP Real Estate Consulting breaks down the monthly housing stats provided by the Hampton Roads Real Estate Information Network. Here’s what we see:
There were 5,264 active residential listings in October on the Southside of Hampton Roads*. This is a 16.47% drop year over year and a 4.5% decrease from September 2019.
There were 1,856 homes sold in October, a 9% increase from last month and 13.7% increase year over year.
Median Sales Price for sold properties is $245,000 - an increase of .98% year-over-year in October.
The current monthly inventory is 3.1 months supply.
THE BOTTOM LINE:
Inventory keeps decreasing while the number of homes sold & median home prices increases. Aside from the time of year, these conditions can be attributed to low-interest rates and increased home buying demand.
Bonus Tip: It is shaping up to be a seller’s market in the Spring. If you are thinking of selling, it’s time to get that property ready to market!
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*Hampton Roads Southside is defined as: Southside Norfolk, Virginia Beach, Portsmouth, Chesapeake, Suffolk, Smithfield, Isle of Wight, Franklin, Southampton, Surry, Sussex, Emporia, and Greenville
**Disclosure: The Hampton Roads Real Estate Information network (REIN) is the sole source of Listings Information for the statistics or analytics above. All interpretations, analytics, or derivations thereof are the sole responsibility of the CGP Real Estate Consulting and Anchor Realty Group, and not attributable to REIN.