What’s new in the Hampton Roads Real Estate Market?
The March statistics are out, here’s where the market is headed.
A much needed 26% increase from February! We had 3,229 new listings hit the market in March.
Days on Market
If you’re in the market to buy a new home, you might be thinking “um where were all those new listings?!”.
With a median of 6 days on the market, any inventory that hit the shelves was scooped up so quickly by all of the buyers in our Hampton Roads market.
2,149 families are looking for a new home around Hampton Roads. This number is up by an additional 100 buyers from February, so although we got a handful of extra inventory, more and more buyers keep joining the search.
Median Sales Price
Up 10% from March 2021 and a 3% increase from February, the median sales price reached $300,000 after a handful of months of staying steady in $290,000s
Percent of List Price Received
The jump in sales price is part due to an increase in percent of list price received. A 1% increase from February, sellers received an average of 102.3% of their list price! High competition is leading to buyers offer above and beyond asking price along with the best terms possible for sellers.
At 2,627 sales in March, that’s a 27% increase from February, keeping pace with the increase of New Listings. The more listings we continue to see on the market, the more sales we will continue to see as Buyers are still outpacing Sellers.
Inventory is down to just a .9 month’s supply of homes thanks to all those Hampton Roads buyers.