Tight Local Real Estate Market Gets a Bit Tighter
VIRGINIA BEACH, Va. (November 2021) – Another month and another decline in the number of homes actively listed as “for sale” in the Hampton Roads region, according to data compiled by the Real Estate Information Network (REIN).
Active listings totaled 4,022 at the end of October 2021, down from 4,425 - or by 9.1% - the month prior, but down by 17.7% when compared to October 2020.
“With the change in the weather and the arrival of the holiday season, it’s very common to see the real estate market slowing at this time of the year,” said Harry Cross, President of REIN’s Board of Directors. “However, the tight supply of active listings is a bit concerning and it continues to make the Hampton Roads region a seller’s market.”
October’s months’ supply of inventory, or MSI, for Hampton Roads was 1.26, down slightly from 1.39 in September, but down 30.4% year-over-year. The MSI is a calculation of how many months it would take to sell all homes for sale on the market if no new inventory were added.
“We’ve seen the MSI fall steadily over the past five years as the number of home buyers overall has remained steady or even increased, and the number of home sellers has declined,” added Cross.
- Residential settled sales were 3,241 in October 2021, down 5.3% from 3,423 in September, but up slightly from 3,180 in October 2020.
- Pending residential sales for the month were 3,151, down 2.6% from 3,237 in September, but up 3.6% year-over-year.
- October’s median number of days on market (DOM) for homes in the Hampton Roads region was 17, up by two days from 15 the month prior.
- Residential new construction sales listed in the MLS for October was 266, up from 256 the month prior.
- October’s median sales price of $290,000 was down from $293,000 the month prior, but up year-over-year when it was $271,000.