Though the Hampton Roads housing market continued to see strong demand in September 2021, the utter frenzy of the past year appears to be calming down. Let’s take a closer look:
Steady demand continued to drive inventory imbalances through September 2021.
2,477 homes were sold in September across the southside of Hampton Roads, which is 4.96% more than were sold in September 2020.
The median sales price was $300,000. (For perspective, this is an 11.34% increase in sales prices since January, and a 24.61% increase from January 2020 before the pandemic hit.)
An average of 2,213.33 homes have been sold each month across the southside of Hampton Roads over the past year.
Active listings have held steady since last month.
Just like in August, REIN reports that the average market time for listings remained at 22 days.
2,562 new residential listings were added to the market in September, 432 of which were new builds.
The median list price dipped just a bit to $292,000.
By the end of September, there were a total of 3,067 active listings, which is only 3.28% less in housing supply than a year prior.
Check out our latest yearly forecast: 7 Housing Market Trends Coming in 2022!
The Bottom Line
This month’s housing market trends in Hampton Roads reflect a repeat of our observations from last month. The unprecedented demand and supply issues are slowly tapering off with the season, but the market remains competitive for now.
Whether you are looking to buy or sell, work with a real estate professional you can trust. Contact our broker, Scott Westfall, for a free consultation.
