Welcome to our May 2022 Hampton Roads Real Estate Market Report!
Lots of great stats out from this past month vs last year. In this video we'll take a look at the following four categories and how they affect your opportunity to buy or sell a home in Hampton Roads.
1) Active Listings - year over year we're down 15.69% from 3780 homes for sale to 3187. Good news is that this is up from this winters low of about 2700 homes for sale. But it's not nearly enough inventory to meet demand!
2) Pending Sales: April 2021 saw 3608 homes go under contract compared to just 3106 homes in April 2022. That's not because buyer demand is down, that's because there just weren't as many homes to sell!
3) Settled sales: There were 3194 closings in April 2021 compared to 2814 in April 2022. Again, this is due to the decreased supply of homes for sale in Hampton Roads. In March there were only about 2800 active listings, so that's all the houses!
4) New Construction - sales are down 35 total units year of year. We just don't have a lot of new construction in Hampton Roads. Hopefully we'll see new construction starts pick up and bring you better numbers this time next year
And of course we have our Stat of the Month! The median sales price in Hampton Roads has hit an all time high of $319,900!! That's up 12.25% year over year ($285,000). And I expect that record to be broken just about every month for the rest of this year. Demand is still far outpacing supply, and until those balance out, we'll continue to see price appreciation.
If you are looking to buy or sell a home in Hampton Roads there's no better place to start than right here on dtrgva.com! Of course you can always reach out to us directy - My team and I are ready to help!