The Long & Foster Market Minute

Focus On: Hampton Roads/Southeast Virginia Housing Market December 2021

Units Sold
2,858
Active Inventory
1,952
Median Sale Price
$290,000
Days On Market
26
Down -5%
Vs. Year Ago
Down -50%
Vs. Year Ago
Up 7%
Vs. Year Ago
Down -19%
Vs. Year Ago

Units Sold
There was an increase in total units sold in December, with 2,858 sold this month in Hampton Roads/Southeast Virginia Real Estate versus 2,800 last month, an increase of 2%. This month's total units sold was lower than at this time last year, a decrease of 5% versus December 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 1,973 units or 50%. The total number of active inventory this December was 1,952 compared to 3,925 in December 2020. This month's total of 1,952 is lower than the previous month's total supply of available inventory of 3,134, a decrease of 38%.

Median Sale Price
Last December, the median sale price for Hampton Roads/Southeast Virginia Homes was $270,000. This December, the median sale price was approximately the same at $290,000. The current median sold price is 7% higher than in December 2020.

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


New Listings
2,003
Current Contracts
2,793
Sold Vs. List Price
100.5%
Months of Supply
0.7
Down -12%
Vs. Year Ago
Up 18%
Vs. Year Ago
Up 0.8%
Vs. Year Ago
Down -48%
Vs. Year Ago

Months of Supply
In December, there was 0.7 months of supply available in Hampton Roads/Southeast Virginia, compared to 1.3 in December 2020. That is a decrease of 48% 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 2,003 homes newly listed for sale in Hampton Roads/Southeast Virginia compared to 2,279 in December 2020, a decrease of 12%. There were 2,793 current contracts pending sale this December compared to 2,372 a year ago. The number of current contracts is 18% higher than last December.

Sale Price to List Price Ratio
In December, the average sale price in Hampton Roads/Southeast Virginia was 100.5% of the average list price, which is 0.8% higher than at this time last year.

Days on Market
This month, the average number of days on market was 26, lower than the average last year, which was 32, a decrease of 19%.

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.