May 2020 Residential Market Update|Hampton Roads Real Estate
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 May 2020:
The number of homes sold were a bit lower than usual, but the median price continues to grow.
1,782 homes sold - a 14.61% decrease year over year.
The median sales price was $275,000 - 5.77% increase in median price YOY.
The average market time was 38 days.
Supply decreased again in May. There were 4,143 active residential listings, of which 2,433 were new listings.
This is a 33.44% decrease in active listings for the month of May YOY.
The median list price was $305,000 for all listed properties.
The absorption rate at the end of May was 1,754.17
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 2.36 months-worth of inventory currently on the market.
Bottom Line: For 2020, the number of homes sold is still up YOY despite a 15% decrease in settled sales YOY for the month of May. The demand has not gone away and homes are selling faster than ever - using a real estate consultant to help you buy or sell can ensure you make the best investment decisions right now.
*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