Eastern Va. home sales increased by 31% in June compared to 2019
Inventory is down in the region, REIN reports
The number of Eastern Virginia homes that went under contract in June rose by more than 31% compared to June 2019, according to statistics released by Virginia Beach-based Real Estate Information Network Inc. (REIN), a regional real estate listing service.
“The market is robust despite the initial worries of COVID-19, and we will continue to see increases in both sales and listings in the upcoming months,” REIN President Barry Nachman said in a statement Thursday. REIN reports real estate information for Norfolk, Virginia Beach, Chesapeake, Portsmouth, Suffolk, Hampton and Newport News.
The number of settled or closed sales increased by 3.51%, with a median sales price of $262,599. This is a 2.9% increase from June 2019.
“Strong sales prove that buyers are in the market looking for a home, but with residential active inventory down 37.2% year-over-year in June 2020, the buyers’ biggest obstacle is the lack of available homes for sale,” according to REIN.
The number of foreclosures and short sales also decreased by more than 2%, as compared to last year.
“The forecast is for continued low interest rates in the foreseeable future, with more buyers than ever trying to take advantage of these rates,” Nachman said in a statement. “For sellers, this is a great time to put your home up for sale as prices are steadily increasing with many sellers receiving multiple offers on their homes.”
Founded in 1997, REIN maintains a database of property listing information in the Eastern Virginia region.