June 2020 Residential Market Update|Hampton Roads Real Estate
Updated: Oct 7, 2020
Our team at CGP Real Estate Consulting has compiled the monthly housing statistics from the Hampton Roads Real Estate Information Network. Here’s what we see for June 2020:
The number of homes sold increased, and the median price remains higher than last year.
2,100 homes sold - 4.12% increase year over year.
The median sales price was $269,000 - 3.86% increase in median price YOY.
The average market time was 40 days.
There was a 20.99% increase in new construction sales YOY.
Supply decreased again in June. There were 3,870 active residential listings, of which 2,649 were new listings and 777 were new construction listings. .
This is a 36.92% decrease in active listings for the month of June YOY.
This is a 4.37% decrease in new listings for the month of June.
The median list price was $315,000 for all listed properties.
The absorption rate at the end of June was 1761.00.
The “absorption rate” per month is the average number of listings that have sold per month in the last year.
At the current selling rate, there are only 2.20 months-worth of inventory currently on the market.
Check out our Mid-Year Housing Market Review, highlighting trends we've seen throughout 2020.
THE BOTTOM LINE:
The effect of COVID-19 on the housing market in Hampton Roads is becoming clear. The steady decline in supply has been exacerbated by the pandemic, so houses are selling at higher prices and average market times are low.
If you’re buying, make sure you can stay on top of good deals on the market by keeping a professional in your corner.
If you’re selling - now is a great time to list your home. Work with a real estate consultant to help you make sure you can take advantage of this opportunity.
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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