Hampton Roads’ July active house listings down

Listings down 10.65% from July 2021

Published August 12, 2022 by Katherine Schulte

Hampton Roads’ active residential listings in July continued to lag behind monthly totals for the past four years, according to Real Estate Information Network Inc. data published in August.

Active listings have dropped steadily every July since 2014. At the end of July, there were 4,129 homes actively listed in the region. In 2021, that number was 4,621; in 2020, 5,576; in 2019, 9,052; and in 2018, 10,057. This July’s listings are down 10.65% year-over-year.

Pending sales totaled 2,777, down 19.3% from July 2021 and 9.66% month-over-month. The region had 2,909 settled sales, down 23.4% from July last year and 12.38% from last month.

“Right now, there’s some lingering uncertainty in the real estate market,” REIN Board President Liz Moore of Liz Moore and Associates LLC said in a statement. “Interest rates on home loans are up and down a bit, and the record inflation we’re experiencing is still impacting families.”

Homeowners likely aren’t selling because they know that they’ll then need to turn around and buy a home, Moore said.

The median sales price of homes for the month was $322,500, up 7.5% from $300,000 last year but down from $325,750 in June.

Homes’ median days on the market was 12, an increase of 33.3% from June. New construction sales totaled 237, down almost 28% from the 329 sales in July 2021.

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