The Hampton Roads housing market is hot, according to numbers released by the Real Estate Information Network Inc. August data shows year-over-year:
- Pending sales rose 34.78%
- Settled sales rose 15.37%
- The median sales price was up 7.84%
What’s down is the number of homes for sale. Across Hampton Roads, housing inventory was down by nearly 47% in August, compared to August 2019. Hampton’s number of listings was down 49% and been seeing declines each month since January 2017. The region’s supply of inventory stood at just 1.97 months in August, which is the lowest recording since REIN began tracking this metric in September 2008. According to the REIN news release, if no new listings were added to the market after August 31st, it would take less than two months for the current inventory to sell out. New listings are added to the market every day, so the risk of running out of inventory is unlikely.
“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,” said REIN President Barry Nachman. “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.”
In Hampton, median monthly sales prices are also rising. In August of this year, the median home sale price was $208,850. In the same month last year, it was $175,000, and in August 2014, it was $164,950.
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