March 2020 Residential Market Update|Hampton Roads Real Estate
Our team at CGP Real Estate Consulting has compiled monthly housing statistics from the Hampton Roads Real Estate Information Network. Here’s what we saw in March 2020:
Home-buying across Hampton Roads continued in March 2020 amid the COVID-19 pandemic. The number of homes sold was 1,863 - a 15.43% increase year over year (YOY).
The median sales price was $257,000.
The average market time was 46 days.
Supply increased slightly from February 2020. There were 4,386 active residential listings, 2,834 of which were new listings.
However, this is a 24.18% decrease in active listings for the month of March 2019. More specifically, active listings in the city of Virginia Beach were down 28.27%, and Norfolk 31.64% respectively.
The median list price was $295,000 for all listed properties.
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 March was 1,772.92.
If no new listings were put on the market, there would be no inventory remaining after 2.47 months at the current rate properties are selling.
Bottom Line: So far, COVID-19 has not significantly affected the housing market in Southside Hampton Roads. Although the downward trend in inventory has continued, home buying has remained steady during the month of March. It should be noted, however that the pandemic has affected the mortgage industry, and buyers should be aware that lenders are becoming more strict regarding loan qualification.
*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