Activity in the Hampton Roads residential real estate market picked up in March, as both closings and pending sales increased by more than 30% as compared to February. Data from the Real Estate Information Network (REIN) also shows that active listings decreased slightly from February to March but were up by almost 12% when compared to March 2022.
Increased activity on the buyer side, combined with lingering inventory concerns, led to price increases, said Jon McAchran of AtCoastal Realty and President of REIN’s Board ofDirectors.
“Mortgage rates might be keeping some consumers out of the market, but there are still lots of buyers and plenty of competition when inventory is this tight,” he said. “We’re not at the level of buyer interest we saw in 2021 during the pandemic, but it’s shaping up to be a very competitive spring and summer in the local real estate market.”
McAchran said that while some real estate markets across the nation have been seeing buyer interest dwindle and prices fall, buyers in the Hampton Roads region continue to show a desire and a willingness to purchase homes regardless of present mortgage rates.
“Our biggest hurdle remains inventory,” McAchran said. “Buyers still want to enter the market, but many sellers have low mortgage rates on their existing loans and are hesitant to sell when not only are rates higher, but so are home prices.”
March data points from REIN:
Local Home Listings You Can Trust.