(Virginia Beach, Virginia – August 2019) Real Estate Information Network Inc. (REIN), the local Multiple Listing Service, reports a rise in the region’s residential home price in July 2019. The median sales price was $255,000, up 4.08% from July 2018. Residential settled sales for the region are also up, rising 8.41% year-over-year with 3,132 closed units.
“The region’s residential pending sales rose significantly in July 2019, with 3,168 homes going under contract,” says Barbara Wolcott, REIN’s President. This is an increase of 22.03% from July 2018.
July’s residential active listings dropped 9.99% in July 2019. This is the 48th consecutive month that active listings have declined. July’s supply of residential home inventory is currently at 3.82 months, down 11.57% from July 2019. A six-month supply is considered a balanced market.
The number of distressed home sales, (foreclosures and short sales) in the Hampton Roads region has significantly decreased. In July 2019, distressed homes accounted for just 5.41% of all residential settled sales, down 2.47% year-over-year and the lowest recording since July 2008.
“Locally the Hampton Roads market continues to experience strong sales, even as nationally, real estate sales have shown signs of slowing,” says Barbara Wolcott. “Our region’s unique position as a hub for military and government employment insulates us from extreme market fluctuations.”