For the majority of 2021, Hampton Roads has been in a seller’s market. Will that trend continue into 2022 or could the hot demand we’ve seen from buyers grow cold in the new year? Earlier this year, we gave you two hot markets to keep your eyes on as you navigated Hampton Roads real estate — Virginia Beach and Chesapeake. Let’s revisit those markets and see if these cities are still worth watching, as well as what other areas should be on your radar in 2022.
Virginia Beach
Virginia Beach continues to dominate in sales and the number of active listings as we start to wrap up 2021. Currently, the city is averaging 842 active listings per month — a 31.42% dip from where the market ended in 2020. Virginia Beach’s sold activity sits at an average of 833 homes per month — an 11.71% increase from 2020’s end-of-year results. The highest sale price currently rests at an impressive $5,810,000 which is a solid 32.05% jump from the highest sales price in 2020. The median sales price for the city is currently at $280,000.
Chesapeake
Chesapeake continues to prove it is a force to be reckoned with when it comes to popularity in the market. The city continues to take the lead in new construction sold activity. Among all the seven cities, Chesapeake saw the highest average of sold new construction, and the median price currently sits at $377,500 — a .03% increase compared to 2020’s end. Chesapeake continues to trail behind Virginia Beach in sold homes overall with the second-highest average of 486 listings per month, a 6.29% increase over the end of 2020. The tide turned for Chesapeake in 2021 with its number of active listings. While it held the number two spot in 2020 for the highest average of active listings per month, Norfolk has quickly crept up to take over that spot in 2021. Chesapeake has currently dropped to third place with an average of 489 listings a month — a 33.86% dip compared to the year prior.
So, what should you pay attention to going into 2022? Active listings are tight. While the demand may be there, the supply just isn’t what it was years ago. The amount of time it would take to sell all the homes on the market continues to shrink as the months go by. November ended at 1.09 month’s supply of inventory — the lowest it’s been all year and 32.30% lower year-over-year. Portsmouth and Newport News have seen the least impact on their number of active listings this year. They’ve also seen the greatest increase in their sold homes so far this year. Portsmouth has also seen a considerable increase in its average number of new construction sold listings with a 24.20% jump where the majority of the other cities saw declines.
At this rate, the market seems to be continuing to favor sellers. If you’re ready to sell in 2022, connect with one of more than 9,000 agents to help you navigate the market. Ready to buy but you’re not sure what you can afford? Check out the mortgage calculator to help estimate possible monthly payments. Download the REIN.com app and put the power of fresh and accurate listing data in the palm of your hand. Available in the App Store and Google Play Store. For local listings you can trust, start with REIN.com.
