As we near the end of a historic year for the Hampton Roads housing market, demand and home prices are still high but show signs of returning to pre-pandemic normal in the coming year. Let’s take a closer look at what went down in October.
Check out our latest yearly forecast: 7 Housing Market Trends Coming in 2022!
Prices remain high across Hampton Roads.
The median new listing price was $299,900, which is 9.05% higher than October 2020’s.
The median sales price was $293,000 - a 7.72% increase year-over-year.
An average of 2,213.5 homes are being sold each month across the southside of Hampton Roads over the past year.
October 2021 saw a slowdown in new listings.
2,415 new residential listings were added to the market in October. This is a 9.82% decrease in new listings compared to October 2020.
There were 417 construction listings last month, compared to 590 new build listings in October 2020.
While some areas are beginning to see a total increase in supply on the market, the City of Virginia Beach in particular is still experiencing a historic low. There is still less than one month’s supply of homes on the Virginia Beach market.
Demand waned slightly but is still outpacing supply.
2,359 homes were sold in October across the southside of Hampton Roads, which is 0.46% less than were sold in October 2020. However, this is a 22.29% increase in compared to October 2019, before the pandemic.
The average number of days a listing stayed on the market increased to 25 days in October - upping the average by three days from last month.
By the end of October, there were a total of 2,729 active listings - 14.45% less in housing supply than a year prior.
The Bottom Line
If it’s priced right, in good condition, and in a desirable location, listings are selling quickly and for continued high prices. The lack of supply in the Hampton Roads housing market is continuing to drive competition for high-demand properties.
Whether you are looking to buy or sell, working with a real estate professional you can trust is a game-changer. Contact associate broker, Scott Westfall, for a free consultation before you invest.