October 2020 Residential Market Update | Hampton Roads Real Estate
The real estate market in Hampton Roads continued its flurry of activity in October 2020. CGP Real Estate’s got the data from REIN, so let’s take a look.
Homes in Hampton Roads are selling at a record pace.
This October brought 22.86% more existing-home & new construction sales in Hampton Roads than last October.
A total of 2,370 homes were sold in the area last month.
The average time for a property to stay on the market was 29 days.
Ready to sell? Don’t miss the current market highs - work with CGP’s industry leading experts to list and sell.
October saw a record-setting median sales price on the local housing market.
At $272,000, the median sales price for residential properties was up 12.79%.
This is another enormous jump in home values year-over-year.
Active supply decreased for the 7th month in a row in Hampton Roads.
October 2020 ended with 3,190 active listings in Virginia Beach and surrounding cities - a 39.40% decrease compared to last October.
The median list price was $300,000.
Buyers, have faith: we saw an 7.51% increase in new listings year-over-year, though new listings for 2020 overall are still down 7.05%.
Been waiting to buy? Get ready to snag the perfect home as soon as it hits the market by using CGP’s free MLS search tool.
October had an absorption rate of 1,901.67 per month.
The “absorption rate” is defined as the average number of property listings that have sold per month in the last year.
At the current pace of sales, there are only 1.68 months-worth of inventory currently on the market. This is another all-time low for Hampton Roads inventory.
Fun Fact: Rental listings across the entire Hampton Roads area are down a whopping 21.07% in 2020.
#2 fun fact: Since June, the total number of settled sales is equal to 89.5% of all new listings added over the same period of time.
THE BOTTOM LINE________________________________________
Home-buying demand did not shy away in October leading up to the hectic election. We’ve said it before and we will say it again, if you are considering selling your home, you should do it this winter. Record latent demand is continuing to be propped up by low interest rates.
Buying a home? Don’t be discouraged. Talk with our real estate broker and learn how to secure your next home in a competitive market.