Just when we thought the Hampton Roads Real Estate Market was starting to stay steady.
February brought on some crazy changes in the market, check out these statistics for more details and what it means if you’re looking to join the market as a Buyer or as a Seller.
Median Sales Price
At $292,000, February’s median sales price bumped up from last month’s $285,000. This 2.5% jump continues to be fueled by the high amount of competition and low amount of inventory in our market.
The number of Active Buyers in Hampton Roads continues to climb, pushing over the 2,000 mark this past month. More and more millennials are in the market for a new home, in 2021 they made up 67% of first-time home buyers and that number has surely continued to climb!
Median Days on Market
From 14 days in January to just 7 days in February, when homes hit the market they don’t stay for long! A 50% drop in days on market!
A small jump from month’s past, Homes Sold was up 1.2% just under 2,000 total units in February alone.
New homes hitting the market was starting to dwindle but thankfully there was a 14% jump in New Listings last month. Although we got 2,549 new on the market, homes moved so quickly that our Active Listings decreased by 3.3% compared to what we had in January!
With the quick turnaround from For Sale to Under Contract, the increase in Homes Sold and the continued low amount of Active Listings, our Current Inventory took another 4.5% drop to just 1.1 month’s worth of supply!
Percent of List Price Received
All of the buyer competition due to low inventory continues to fuel home prices. Sellers received an average of 101.3% of their listing price at closing. That means on a $300,000 listing, sellers on average are receiving an additional $4,000 on the sales price.
What does this mean if you’re a Seller:
If you’ve been considering listing your home, the market continues to help you get the most out of your sale. There are tons of interested buyers who are ready to make great offers on properties. Get more info on how we will help you here. Contact us to receive a free CMA to get specific details on how this market is impacting the value of your home!
What does this mean if you’re a Buyer:
All hope isn’t lost if you’re trying to buy a new home. Although the market is competitive, thousands of buyers are landing their dream home every month as we see Homes Sold continuing to climb! The most important piece of finding and winning a home is working with an experienced and modern buying agent, click here to read more about what you should expect out of your agent! Contact Danielle to get your buying process started today.