What has 2022 brought so far in the Real Estate market?!

From more inventory to lower sales price, January was off to a nice start for home buyers! Check out more details from past month’s market review.

New Listings

With 1,989 new listings hitting the market in January, that’s a 2.7% jump from what hit the market in December. However compared to last January in 2021, that is a 23.3% drop!

Closed Sales

December had a big spike in closed sales as people pushed to own their home before the new year. In January, 1,319 settled sales was a 52.2% decrease compared to December!

Inventory

With New Listings only making a small jump and Closed Sales taking a dip, Inventory numbers finally crawled up! With an average of 1.8 Month’s of Inventory on the market, that is almost double what we had in December! It’s also 8.7% higher than what was available in January 2021

Median Sales Price

For the first time in a while, we also had a dip in Sales Price with a median of $285,000. While this was down 1.7% compared to December, it’s still up compared to January 2021 by 7.5%.

Active Buyers

Hampton Roads had approximately 1,969 active buyers on the hunt according to RealScout data. That’s a 24% increase from December, so we can assume that many people set a resolution to become a new homeowner in 2022!

Percent of List Price Received

Although we had a small dip in Median Sales Price, home sellers are still receiving 100.7% of the list price on average. Sellers continue to stay on top of the market with more and more buyers flooding into the market to beat the mortgage rate increases that are looming in the future.

Days on Market

We saw some record Days on Market numbers throughout mid-2021 but things moved back into the double digits thankfully throughout winter. In January, Days on Market decreased slightly again though, down to 14 days which is a 12.5% drop from December and still down 6.7% compared to January 2021. With just 2-weeks for buyers to shop, offer and win negotiations on a home, the market is continuing to move along quickly!

If you’re ready to join the market as a Seller, or as a Buyer, contact Eric or Danielle to get started!