If you’re thinking of selling now is a good time to jump in the market. Real Estate Information Network Inc. (REIN), the regional Multiple Listing Service, reports a year-over-year rise in the region’s home price for May 2020. The median sales price was $267,000 up 6.69% from $250,250 in May 2019. For Suffolk, Virginia Beach, Norfolk, and Hampton the month of May has produced the highest median sales price since 2018. If you’re thinking of selling your home in these specific cities, act now!
Residential active listings for May dropped 32.88% year-over-year, with 6,348 homes for sale as compared to 9,457 in May 2019. While active inventory has been trending down for 58 consecutive months, this month’s decrease was the most significant yearly change to date. May’s supply of residential inventory for the region was 2.54 months, a decline of 36.97% from May 2019, categorizing Hampton Roads as a seller’s market.
Despite the reduced number of homes available for sale, residential pending sales rose slightly, with 3,070 homes going under contract in May 2020. This is a year-over-year increase of 2.16%, up from 3,005 the same period of time last year. Settled sales declined 14.80% year-over-year for the month, with 2,527 homes closed in May 2020. The stay-at-home order issued in March most certainly impacted sales volume, as well as new listings coming on the market.
“Low inventory has impacted the region’s real estate market in many ways, from multiple offers on some listings, to an increased median sales price,” said Barry Nachman, President of REIN. “The market remains strong in spite of the issues we have all faced over the last few months, and I see this trend continuing as Virginia and the rest of the country open back up.”
In May 2020, distressed homes (foreclosures and short sales) in the Hampton Roads region accounted for 5.32% of all residential settled sales, down just .57% year-over-year.
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.