Hampton Roads residential median sales prices rose 10%+ last month

September's median sales price was $275K

Published October 12, 2020 by Sydney Lake

Hampton Roads saw residential median sales prices rise 10.04% during September, Real Estate Information Network Inc. (REIN) reported Monday. This is the largest annual increase in more than six years.

September 2020’s median sales price was $275,000, compared to $249,000 during the same period last year.

“Housing has been one of the strongest economic performance sectors in this COVID-19 era,” REIN President Barry Nachman said in a statement. “Homes placed under contract and closings (settled sales) continue to skyrocket with impressive year-over-year gains in almost every area of Hampton Roads. This has also had a strong effect on median sales prices, which continue to escalate year-over-year across our region.”

Regional active listings also continued to drop, with 4,839 units for sale this year compared to 8,384 homes last year — a 42.28% decrease. Hampton Roads’ inventory supply also dropped to 1.82 months, compared to 3.49 months last year.

“Inventory may be low, but sales remain strong,” according to REIN. There was a 41.9% increase in residential pending sales in September, with 3,417 homes going under contract this year as opposed to 2,408 during the same time last year.

“This trend is expected to continue throughout the fall and winter months due to a large pipeline of buyers with mortgage pre-approval applications as a result of unprecedented low interest rates,” Nachman said in a statement. “This is great news for property owners, but homebuyers trying to take advantage of these rates will find they need to come to the market with realistic expectations regarding prices, as our inventory of available housing is at its lowest point ever percentage-wise.”