The Long & Foster Market Minute

Focus On: Hampton Roads/Southeast Virginia Housing Market August 2020

Units Sold
3,048
Active Inventory
3,366
Median Sale Price
$275,000
Days On Market
37
Up 8%
Vs. Year Ago
Down -62%
Vs. Year Ago
Up 9%
Vs. Year Ago
Down -24%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in August, with 3,048 sold this month in Hampton Roads/Southeast Virginia Real Estate versus 3,436 last month, a decrease of 11%. This month's total units sold was higher than at this time last year, an increase of 8% versus August 2019.

Active Inventory
Versus last year, the total number of homes available this month is lower by 5,410 units or 62%. The total number of active inventory this August was 3,366 compared to 8,776 in August 2019. This month's total of 3,366 is lower than the previous month's total supply of available inventory of 4,801, a decrease of 30%.

Median Sale Price
Last August, the median sale price for Hampton Roads/Southeast Virginia Homes was $252,000. This August, the median sale price was approximately the same at $275,000. The current median sold price is 9% higher than in August 2019.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
3,335
Current Contracts
4,213
Sold Vs. List Price
99.3%
Months of Supply
1.1
Down -5%
Vs. Year Ago
Up 70%
Vs. Year Ago
Up 0.6%
Vs. Year Ago
Down -65%
Vs. Year Ago

Months of Supply
In August, there was 1.1 months of supply available in Hampton Roads/Southeast Virginia, compared to 3.1 in August 2019. That is a decrease of 65% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 3,335 homes newly listed for sale in Hampton Roads/Southeast Virginia compared to 3,508 in August 2019, a decrease of 5%. There were 4,213 current contracts pending sale this August compared to 2,484 a year ago. The number of current contracts is 70% higher than last August.

Sale Price to List Price Ratio
In August, the average sale price in Hampton Roads/Southeast Virginia was 99.3% of the average list price, which is 0.6% higher than at this time last year.

Days on Market
This month, the average number of days on market was 37, lower than the average last year, which was 49, a decrease of 24%.

The Long & Foster Market Minute *Defined as the counties of Hampton City, Isle of Wight, James City, Southampton, Surry, York and the cities of Chesapeake, Franklin, Williamsburg, Newport News, Norfolk, Poquoson, Portsmouth, Suffolk, Virginia Beach in VA.
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by REIN/WAAR and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of REIN/WAAR or Long & Foster Real Estate, Inc.