Active Hampton Roads home listings dropped nearly 40% in October
Region shows high number of sales, however
Compared to last year, active Hampton Roads home listings were down nearly 40% in October, Real Estate Information Network Inc. (REIN) reported Tuesday.
Only 4,887 homes were on the market, compared to 8,089 last year marking the sixth consecutive month that inventory has fallen more than 32% year-over-year, according to REIN.
“Extremely low inventory has not slowed the unusually high number of sales,” REIN Executive Vice President Joan Griffey said in a statement, however. “The cycle is expected to continue through at least the end of the year, with some brokers and economists projecting it to last well into spring.”
October sales continued to increase in Hampton Roads. Residential pending sales increased by nearly 28% when compared to last year, with 3,230 homes going under contract. Settled sales also increased by nearly 20% when compared to last year, with 3,180 homes closing.
Median sales prices were also up last month. Hampton Roads’ median sales price rose from $240,000 to $271,000, a 12.92% increase.