VIRGINIA BEACH, VA. (April 2021) – Pending home sales, the total number of signed contracts on existing homes in the region, continue to rise despite low inventory. Real Estate Information Network (REIN), Southeastern Virginia’s Multiple Listing Service (MLS) and the source of statistical real estate data in Hampton Roads, reports that homes labeled as “under contract” have seen a 21.91% change year-over-year. Residential pending sales rose in March of 2021 to 3,516 homes under contract, as opposed to just 2,884 homes March of 2020.
“As compared to 2020 statistics, the number of listings in our market is down 55% and many homes are literally selling in hours. This is a very tough market for buyers and their agents,” said Harry Cross, President of REIN’s Board of Directors. “As listings continue to diminish with a steady demand for the inventory, prices are pushed up by multiple offers and “highest and best offer” situations. To move to a more stable market, we need lots of vaccinations and a more open business environment. This will take a few months to happen. If you’re a buyer, listen to your agent, and don’t let the frenzy of a bidding war take the logic out of buying a home.”
As it relates to residential sales, settled sales rose 17.90% with 3,128 homes sold in March 2021 compared to just 2,653 homes sold in March 2020.
The median sales price for residential properties in the Hampton Roads region is $275,230, a 10.14% increase from this time last year. In March, the Peninsula cities had a median sales price of $255,000 with the Southside municipalities experiencing a slightly higher median sales price at $285,000.
In March, all seven major cities reported less than 1.8 months’ supply of inventory. For the entire MLS database, the current months’ supply of inventory is 1.21 months, down a significant 55.19% from 2.70 in March of 2020.