Advertisement

Header Utility Menu

  • Subscribe
  • Advertise
  • Contact Us
  • Events

LinkedIn Facebook Twitter Instagram Get Our App

  • Login

Virginia Business

Mobile Menu

  • Issues
  • Industries
    • Banking/Finances
    • Law
    • Real Estate
    • Economic Development
    • Education
    • Energy/Green
    • Federal Contracting
    • Government
    • Healthcare
    • Hotels/Tourism
    • Insurance
    • Ports/Trade
    • Small Business
    • Startups
    • Technology
    • Transportation
  • Regions
    • Central Virginia
    • Eastern Virginia
    • Northern Virginia
    • Roanoke/New River Valley
    • Shenandoah Valley
    • Southern Virginia
    • Southwest Virginia
  • Reports
    • Best Places to Work
    • Business Person of the Year
    • CEO Pay
    • COVID-19
    • Generous Virginians Project
    • Legal Elite
    • Most Influential Virginians
    • Maritime Guide
    • Site Locator
    • The Big Book
    • Virginia CFO Awards
  • Company News
    • For the Record
    • People
  • Opinion
  • Lists
  • Awards/Events
    • 2022 Virginia Business Political Roundtable
    • Women in Leadership
    • Diversity Leadership Series
    • Virginia 500
    • Legal Elite
    • CFO Awards
    • Big Book of Lists
    • 100 People To Meet
    • Best Places To Work
  • Virginia 500
    • Read The Issue
    • Power Up Virginia 500
    • Buy an award plaque
    • Suggest execs for 2023

Advertisement

Header Primary Menu

  • Issues
    • February 2023
    • January 2023
    • December 2022
    • November 2022
    • October 2022
    • Issues Archive
  • Industries
    • Banking/Finances
    • Law
    • Real Estate
    • Economic Development
    • Education
    • Energy/Green
    • Federal Contracting
    • Government
    • Healthcare
    • Hotels/Tourism
    • Insurance
    • Ports/Trade
    • Small Business
    • Startups
    • Technology
    • Transportation
  • Regions
    • Central Virginia
    • Eastern Virginia
    • Northern Virginia
    • Roanoke/New River Valley
    • Shenandoah Valley
    • Southern Virginia
    • Southwest Virginia
  • Reports
    • Best Places to Work
    • Business Person of the Year
    • CEO Pay
    • COVID-19
    • Generous Virginians Project
    • Legal Elite
    • Most Influential Virginians
    • Maritime Guide
    • Site Locator
    • The Big Book
    • Virginia CFO Awards
  • Company News
    • For the Record
    • People
  • Opinion
  • Lists
  • Awards/Events
    • 2022 Virginia Business Political Roundtable
    • Women in Leadership
    • Diversity Leadership Series
    • Virginia 500
    • Legal Elite
    • CFO Awards
    • Big Book of Lists
    • 100 People To Meet
    • Best Places To Work
  • Virginia 500
    • Read The Issue
    • Power Up Virginia 500
    • Buy an award plaque
    • Suggest execs for 2023

Home News Hampton Roads sees small increase in active home listings

Hampton Roads sees small increase in active home listings

Listings of less than three days went up 24% year over year

Published June 13, 2021 by Kate Andrews

The Hampton Roads area saw growth in new home listings, pending sales and settled sales in May 2021 compared to May 2020, the Real Estate Information Network Inc. reported in its monthly update on the region.

All new listings (listed three days or less) were up 24.74% year-over-year in May, and settled sales saw a 33.57% increase, with 3,378 homes sold in May 2021, compared with 2,529 residences sold last May. Pending residential contracts rose as well, up 26.14% to 3,682 homes from 2,919 homes in May 2020.

There was a small increase in active listings compared to earlier this year, although the buyers’ market remains very tight. According to REIN, there were 3,834 active listings last month compared to 3,780 in April and 3,552 homes in March. By comparison, there were 6,348 homes for sale in May 2020.

The median sales price also went up to $290,000, an 8.61% increase from last year and up 1.75% from April. Construction remains relatively slow due to the rising cost of lumber and other materials, and newly constructed residences saw only a .97% increase year over year.

“I believe this trend will stay the course through the summer and into the fall,” REIN Board President Harry Cross said in a statement. “But my crystal ball rolled off my office desk and shattered about 20 years ago. With low inventory and multiple offers pushing the median sales price higher and higher, agents are working double time for their clients right now. This is definitely not the time to think you can brave the real estate market on your own. What a fantastic time to be a seller though! Just a few weeks ago, the weekly REIN Report advertised a median days on market of eight days. Eight days, can you believe that?”

Graphic courtesy REIN
Subscribe to Virginia Business. Get our daily e-newsletter.

Related Stories

Virginia Business logo

Hampton Roads sees record drop in available homes for sale

Housing inventory down 47% compared to August 2019

Virginia Business logo

Norfolk office building sells for $4.1M

The two-story building is in the Norfolk Industrial Park.

Virginia Business logo

Breeden buys $3.5M Newport News site for apartments

5-acre parcel located in Huntington Pointe development

Trending

13th annual Best Places to Work

Report: Air taxis could land Va. $16B in new biz by 2045

Morrissey’s Petersburg casino bill fails in Senate Finance

Magical moments

Cox expands Myers’ role to East Coast

Sponsored Stories

Working at Pinnacle Financial Partners

What Logistics issues will have the biggest impact on you in 2023?

In the New Year, Aim for Better Cybersecurity

4 innovative ways to create capacity

WHERE IS THE SUPPLY CHAIN WHEN YOU NEED IT?

P.A.I.N.T. Your Financial Mountain

5 Benefits of Treasury Management Services from Atlantic Union Bank

Blazing trails in the digital landscape

Advertisement

Advertisement

Trending

13th annual Best Places to Work

Report: Air taxis could land Va. $16B in new biz by 2045

Morrissey’s Petersburg casino bill fails in Senate Finance

Magical moments

Cox expands Myers’ role to East Coast

Sponsored Stories

Working at Pinnacle Financial Partners

What Logistics issues will have the biggest impact on you in 2023?

In the New Year, Aim for Better Cybersecurity

4 innovative ways to create capacity

WHERE IS THE SUPPLY CHAIN WHEN YOU NEED IT?

P.A.I.N.T. Your Financial Mountain

5 Benefits of Treasury Management Services from Atlantic Union Bank

Blazing trails in the digital landscape

Get Virginia Business directly on your tablet or in your mailbox!

Subscribe to Virginia Business

Advertisement

Advertisement

Footer Primary Menu

  • virginiabusiness.com
  • Subscribe
  • Advertise
  • About Us
  • Contact Us

Footer Secondary Menu

  • Industries
  • Regions
  • Reports
  • Company News
  • Events

Sign Up For Our Newsletter

Sign Up

LinkedIn Facebook Twitter Instagram Get Our App

Privacy Policy Cookie Policy

Footer Utility Menu

Copyright © 2023 Virginia Business. All rights reserved.

Site Maintained by TechArk