Real Estate Information Network, Inc. (REIN), the local MLS for Hampton Roads, reports a rise in the region’s residential home price in July 2019. The median sales price was $255,000, up 4.08% from July 2018.
Residential closed sales for the region are also up, rising 8.41% year-over-year with 3,132 sales for homes and attached homes/ condos.
“The region’s residential pending sales rose significantly in July 2019, with 3,168 homes going under contract,” says Barbara Wolcott, REIN’s President. This is an increase of 22.03% from July 2018.
July’s residential active listings dropped 9.99% in July 2019. This is the 48th consecutive month that active listings have declined. July’s supply of residential home inventory is currently at 3.82 months, down 11.57%
from July 2019.
A six-month supply is considered a balanced market.
The number of distressed home sales, (foreclosures or short sales) in the Hampton Roads region has significantly decreased. In July 2019, distressed homes accounted for just 5.41% of all residential closed sales, down 2.47% year-over-year and the lowest recording since July 2008.
“Locally the Hampton Roads market continues to experience strong sales, even as nationally, real estate sales have shown signs of slowing,” says Barbara Wolcott. “Our region’s unique position as a hub for military
and government employment seems to insulate us from extreme market fluctuations.
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