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Tight inventories have affected real estate industry for months
Kate Andrews //May 23, 2021//
Tight inventories have affected real estate industry for months
Kate Andrews // May 23, 2021//
The state saw a 12% increase in new residential real estate listings since March, according to Virginia Realtors’ April 2021 Home Sales Report released last week.
Although it’s typical for new listings to increase between March and April, the organization notes that this year’s gain was larger than in recent years, and new listings were up 33.5% from April 2020. In total, 17,558 new listings came on the market in April, and there were 13,413 home sales in the state last month.
Statewide, the median sales price was $355,643 last month, up 12.5% compared to last year, and demand continues to be high. In April, homes were on the market an average of 25 days, 16 days faster than the average in April 2020.
A report on Hampton Roads’ residential listings showed some upward movement in inventory in April, although not as much as the state as a whole.
