The Hampton Roads real estate market is busy and buzzing well into the summer months. This type of activity is a seller’s dream. If you’ve been thinking about taking steps to list your home now is the perfect time. Real Estate Information Network Inc. (REIN), the regional Multiple Listing Service, reports a year-over-year rise in the total number of new listings added to the market in July 2020, up 2.79% from July 2019 with 4,204 new listings. Despite this increase, overall residential active listings are down 38.40% year-over-year for July, with just 5,576 active homes for sale vs. 9,052 last year. Strong and steady sales have reduced the average days on market for a listing from 46 days in July 2019 to 41 days in July 2020.
In July 2020, residential pending sales rose a significant 25.33% compared to July 2019, with 3,746 homes going under contract. Residential settled sales also saw a steady increase, rising 14.21% year-over-year for July. The residential median sales price for July 2020 was $275,000, up 7.84% from the same period of time last year, when it was $255,000.
“The Hampton Roads region is seeing unprecedented sales activity in both existing and new construction properties. This trend will continue for the foreseeable future, due in part to low inventory, lifestyle changes, more competition with multiple offers being received, and interest rates as low as we have ever seen, resulting in higher overall sales activity and prices,” said Barry Nachman, President of REIN. “The downward trend in inventory is, of course, due to increased sales, as well as some apprehension on the part of sellers who may be uncomfortable allowing others into their homes due to COVID-19.”
We encourage you to connect with one of our 8,000 agents to help you navigate current market conditions. If it’s a question of what you can afford, check out our mortgage calculator to help estimate your monthly payments. For local listings you can trust, start with REIN.com.