The Hampton Roads real estate market has behaved abnormally throughout 2020. We saw our generally busy spring and summer turn into an even busier season and our slow season, fall and winter turn into our busy season. Buyers are hungry for homes that just aren’t there. Listing inventory continues to drive the region into a seller’s market giving any homeowner who lists the ability to have their pick of offers.
Looking back on 2020, Virginia Beach was the top front runner when it comes to sales and the number of active listings. Virginia Beach averaged 1,179 active listings a month. The highest closed price in Virginia beach came in at a whopping $4,400,000. By the end of 2020, Virginia Beach saw an 18% year-over-year increase of sold properties with a median sales price of $288,000. Currently, it would take roughly a month to sell all available inventory in Virginia Beach.
Chesapeake was a top searched city on REIN.com last year and continues to prove that it’s growing in popularity. The city averaged 713 active listings a month in 2020. The highest closed price in Chesapeake came in at $1,499,000. Out of all the seven cities, Chesapeake saw the highest number of sold new construction listings of 953 listings at an average price of $379,859. Chesapeake ended the year with a 25% year-over-year increase in sold properties. Currently, the city could see all available inventory sold in less than a month.
The market is fierce and is moving quickly. If you’re a buyer interested in these two cities, it’s important to keep your pulse on the exciting activity going on in these areas. If you own a home in these two markets and you’ve been thinking about selling, now may be the perfect time for you. You have what people want.
Connect with one of our 7,000 agents to help you navigate the Hampton Roads real estate market. 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.
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