February 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 February 2020:
There were 4,234 active residential listings, - a 22.44% decrease YOY in February.
2,274 were new listings and 800 were new construction home listings.
The median list price was $289,900 for all listed properties.
The number of homes sold was 1,315 - a 3.14% increase year over year.
The median sales price was $245,000.
The number of new construction homes sold was 168.
The average market time for all property types was 54 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 February was 1,752.25.
If no new listings were put on the market, there would be no inventory left after 2.42 months at the current rate properties are selling.
THE BOTTOM LINE:
Median sales price for homes increased 4.26% in February year over year. Even so, the steady stream of willing and able buyers in Hampton Roads shows no signs of slowing down. Unless outside factors begin to impact the housing market, expect more of the same moving forward.
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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