- Scott Westfall
September 2020 Residential Market Update | Hampton Roads Real Estate
Is the real estate market in Hampton Roads continuing its sellers-market trends in September 2020? CGP Real Estate’s got the data from REIN, so let’s take a look.
Monthly homes sold are still up year-over-year.
This September saw 33.92% more homes sold in Hampton Roads than last September.
A total of 2,361 homes were sold in the area last month.
Homes were on the market an average of 35 days.
Median sales price for homes was also significantly up.
At $278,500, the average sales price for residential properties was up 9.26%.
This is the highest increase in median price year-over-year that we’ve seen in six years.
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Active supply decreased again in September.
September 2020 ended with 3,171 active listings in Virginia Beach and surrounding cities.
This is a notable decrease - 42.51% down compared to last September.
The median list price was $309,900.
The bright side for buyers: we saw an 8.23% increase in new listings year-over-year, with 2,511 re-sale listings during September 2020.
But be wary: new listings for 2020 overall are still down 8.5%.
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September’s absorption rate was 1,866.75.
The “absorption rate” is defined as the average number of property listings that have sold per month in the last year.
At the current pace of sales, there are only 1.71 months-worth of inventory currently on the market.
This is the lowest inventory has ever been in Hampton Roads.
Fun Fact: The average 2020 sale price of a single-family home throughout Hampton Roads is $334,000. But the price of an attached condo/townhome? $244,000.
THE BOTTOM LINE:
Although new listings increased for the month of September, sustained demand from first-time homebuyers to second-home seekers are driving active inventory lower and prices higher at an even faster pace than before.
The good news? Hampton Roads’ real estate market is shaping up to have one of the best winters in a long time for those looking to sell their home. We expect the housing market to continue steady with robust demand & rising median sales prices through the beginning of the new year.
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*Disclosure: We pulled all our stats and info from the Hampton Roads Real Estate Information network (REIN). All interpretations, analytics, or derivations were conducted by CGP Real Estate
**This data reflects the housing market in Hampton Roads Southside (Southside Norfolk, Virginia Beach, Portsmouth, Chesapeake, Suffolk, Smithfield, Isle of Wight, Franklin, Southampton, Surry, Sussex, Emporia, and Greenville)