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  • Scott Westfall

October 2021 Housing Market Trends in Hampton Roads

Updated: Dec 17, 2021

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.

Disclosure: all our stats and info have been pulled Hampton Roads Real Estate Information Network. All interpretations, analytics, or derivations were conducted by CGP Real Estate.


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