January 2020 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 for January 2020:
There were 4,252 active residential listings, of which 2,493 were new listings.
This is a 22.85% decrease in active listings for the month of January YOY.
The median list price was $289,990 for all listed properties.
The number of homes sold was 1,200 - a 7.14% increase year over year.
The median sales price was $240,750.
The average market time was 50 days.
The “absorption rate” per month is the average number of listings that have sold per month in the last year. The absorption rate at the end of January was 1,748.92
If no new listings were put on the market, there would be no inventory left after 2.43 months at the current rate properties are selling.
Check out our Mid-Year Housing Market Review for a closer look at the housing market trends of 2020.
THE BOTTOM LINE:
Spring is in the air! Median home prices continue to rise, which means homeowner’s equity also continues to rise. For many, 2020 is the year to sell their first home and use that equity to make the next step towards their dream home.
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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.