Hampton Roads sees small increase in active home listings

The Hampton Roads area saw growth in new home listings, pending sales and settled sales in May 2021 compared to May 2020, the Real Estate Information Network Inc. reported in its monthly update on the region.

All new listings (listed three days or less) were up 24.74% year-over-year in May, and settled sales saw a 33.57% increase, with 3,378 homes sold in May 2021, compared with 2,529 residences sold last May. Pending residential contracts rose as well, up 26.14% to 3,682 homes from 2,919 homes in May 2020.

There was a small increase in active listings compared to earlier this year, although the buyers’ market remains very tight. According to REIN, there were 3,834 active listings last month compared to 3,780 in April and 3,552 homes in March. By comparison, there were 6,348 homes for sale in May 2020.

The median sales price also went up to $290,000, an 8.61% increase from last year and up 1.75% from April. Construction remains relatively slow due to the rising cost of lumber and other materials, and newly constructed residences saw only a .97% increase year over year.

“I believe this trend will stay the course through the summer and into the fall,” REIN Board President Harry Cross said in a statement. “But my crystal ball rolled off my office desk and shattered about 20 years ago. With low inventory and multiple offers pushing the median sales price higher and higher, agents are working double time for their clients right now. This is definitely not the time to think you can brave the real estate market on your own. What a fantastic time to be a seller though! Just a few weeks ago, the weekly REIN Report advertised a median days on market of eight days. Eight days, can you believe that?”