November 2019 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:
In November 2019, the Hampton Roads Southside* saw an 8.4% decrease from last month in active residential listings to 4,821. Notably, this is an 18.5% decrease year over year.
The median listing price was $290,000.
The number of homes sold in November was 1,622 - a 14.95% increase from 2018.
Median sales price for sold properties was $249,000 (3.02% increase YOY).
The “absorption rate” per month is the average number of listings that have sold per month in the last year. The current absorption rate as of November is 1,717.42.
If no new listings were put on the market, there would be no inventory left in 2.81 months at the current rate properties are selling.
THE BOTTOM LINE:
As long as inventory remains low, it will continue to be a seller’s market. Sellers can take advantage of the current environment by focusing on the 3 keys to selling real estate.
Serious buyers should be prepared and expect properties that are priced well & in good condition to move quickly. Get connected with a professional who knows the local market.
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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.