There were 5,516 active residential listings in September on the Southside of Hampton Roads*. This is a 13.31% drop year over year.
Median Sales Price for sold properties in September was $256,245 - a 6.77% increase year over year.
There were 1,704 homes sold in September, a 14.13% increase from last year.
THE BOTTOM LINE:
Home prices are still increasing while inventory is decreasing. Good deals can be found in this market, but you have to be patient.
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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.