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Hampton Roads Market Summary: August 2020

If you’re thinking of selling your home, now may be the time.

REIN, the regional Multiple Listing Service that powers REIN.com, reports that home inventory in Hampton Roads is low. So low, in fact, that if no new homes had gone up for sale after August 31, 2020, it would have only taken two months to sell every home on the market. REIN reported that the region only had 5,105 residential active listings in August, down 42.15% from the 8,824 listings on the market in August 2019. In general, this is very unusual for the month of August.

“Usually the real estate market begins to slow as the summer months wind down, vacations wrap up, and kids head back to school,” said Barry Nachman, President of REIN. “But if 2020 has taught us anything, this year is not ‘usual.’ Our region’s sales remain strong and there is no sign of a market slowdown in terms of how quickly homes sell once listed in the MLS. Demand from buyers coupled with a low availability of homes on the market suggests that 2020’s current sales trends will continue through the end of the year.”

Reduced listing supply may sound daunting, but the imbalance in the market is great for sellers. Homes that went under contract for August 2020 rose a significant 34.78% year-over-year. This is up to 3,600 units vs. last year’s 2,671. Residential settled sales also rose, up 15.37% with 3,385 homes closed as compared to 2,934 last year. The residential median sales price also increased 7.84% year-over-year, up to $275,000 from $255,000 in August 2019.

Are you ready to sell? Connect with one of our 8,000 agents today to help you take advantage of the market. To find out 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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