Small uptick in Hampton Roads residential real estate listings

In April 2021, there appeared to be signs that the Hampton Roads region’s low real estate inventory may be on the rise. According to the Real Estate Information Network Inc.’s monthly report on Southeastern Virginia, more listings have been added to the region’s Multiple Listing Service.

Last month, there were 3,780 active listings, up from 3,552 in March and 3,350 homes in February, although a long way from the 6,695 homes for sale in April 2020. Also, there was a 40% increase in pending sales in April over April 2020, with 3,703 homes under contract or pending last month, up from 2,645 in April 2020. The median sales price of $285,000 for the region’s residential properties in April increased by 11.76% year over year, a 3.55% increase from March’s sales.

“We didn’t experience a traditional spring market last year due to the pandemic,” REIN President Harry Cross said in a statement. “It’s nice to see more properties coming into the MLS database, even if it’s just a few hundred more than the previous months. With many clients getting above-asking price offers, other homeowners are realizing that now is the ideal time to sell their homes. Over the years I have seen similar markets — I call them ‘auction markets’ because multiple offers create an auction-type environment for buyers and sellers. It is a tough market. We are all looking forward to a more stable marketplace, and getting everyone vaccinated will definitely help!”