Small increase in Hampton Roads residential real estate listings


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40% increase in pending sales in year-over-year data in April

Posted

May 23, 2021




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Kate andrews


As of April 2021, there appeared to be signs that the low Hampton Roads area real estate inventory could be on the rise. According to the Real Estate Information Network Inc. monthly report for Southeast Virginia, more listings have been added to the area’s multiple listings service.

Last month there were 3,780 active listings, up from 3,552 in March and 3,350 homes in February, although a far cry from the 6,695 homes for sale in April 2020. In addition, there was a 40% increase in listings. pending sales in April compared to April 2020., with 3,703 homes under contract or on hold last month, up from 2,645 in April 2020. The median sale price of $ 285,000 for residential properties in the area in April was up 11.76% year on year, an increase of 3.55% from March sales.

“We did not have a traditional spring market last year due to the pandemic,” REIN chairman Harry Cross said in a statement. “It’s nice to see more properties entering the MLS database, even if it’s only a few hundred more than the previous months. With many customers receiving higher price offers than they ask for, other homeowners are realizing that now is the perfect time to sell their home. Over the years, I have seen similar markets – I call them “auction markets” because multiple offers create an auction-like environment for buyers and sellers. It’s a tough market. We all look forward to a more stable market, and getting everyone vaccinated will definitely help us!

Graphic courtesy REIN

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