Hampton Roads home sales steady at end of 2021

The number of listings in the Hampton Roads real estate market dropped significantly, sales increased, and inventory dropped to a new low in December 2021, Real Estate Information Network Inc. reported.

Last month, there were 2,821 active listings, down 26% year-over-year when compared to active listings in December 2020. But the number of properties that closed dropped 3.3% over the same one-year period.

The median price of a home was $274,505 in December 2020, and a year later it was $290,000, a 5.6% increase. The median number of days a house was on the market was 15. A total of 309 residential new construction sales were in December 2021, down almost 21% from the same month in 2020, which had 391 sales. The number of pending sales was also down, compared to a year ago, from 2,565 to 2,558.

 “In recent months, we’ve seen the number of home buyers remain steady, and in some instances increase, while the number of people putting their homes on the market has decreased considerably over the past year,” REIN Board President Liz Moore, of Liz Moore and Associates, said in a statement. “This has led to record low inventory and a steady rise in the median price of homes being sold.”