The Long & Foster Market Minute

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

Units Sold
3,146
Active Inventory
2,972
Median Sale Price
$290,000
Days On Market
22
Up 3%
Vs. Year Ago
Down -39%
Vs. Year Ago
Up 6%
Vs. Year Ago
Down -37%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in September, with 3,146 sold this month in Hampton Roads/Southeast Virginia Real Estate versus 3,415 last month, a decrease of 8%. This month's total units sold was higher than at this time last year, an increase of 3% versus September 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 1,861 units or 39%. The total number of active inventory this September was 2,972 compared to 4,833 in September 2020. This month's total of 2,972 is lower than the previous month's total supply of available inventory of 3,910, a decrease of 24%.

Median Sale Price
Last September, the median sale price for Hampton Roads/Southeast Virginia Homes was $274,245. This September, the median sale price was $290,000, an increase of 6% or $15,755 compared to last year. The current median sold price is 3% lower than in August.

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


New Listings
3,327
Current Contracts
3,796
Sold Vs. List Price
100.8%
Months of Supply
0.9
Up 3%
Vs. Year Ago
Up 28%
Vs. Year Ago
Up 1.4%
Vs. Year Ago
Down -41%
Vs. Year Ago

Months of Supply
In September, there was 0.9 months of supply available in Hampton Roads/Southeast Virginia, compared to 1.6 in September 2020. That is a decrease of 40% 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 3,327 homes newly listed for sale in Hampton Roads/Southeast Virginia compared to 3,236 in September 2020, an increase of 3%. There were 3,796 current contracts pending sale this September compared to 2,977 a year ago. The number of current contracts is 28% higher than last September.

Sale Price to List Price Ratio
In September, the average sale price in Hampton Roads/Southeast Virginia was 100.8% of the average list price, which is 1.4% higher than at this time last year.

Days on Market
This month, the average number of days on market was 22, lower than the average last year, which was 35, a decrease of 37%.

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.