The real estate market in Hampton Roads is not only seeing a record-high volume in home sales, but also a continual drop in the number of active listings. This is a combination that has created low supply and rising prices for home shoppers in the region.
Residential active listings fell again in November, down to 3,484, the lowest total since February 2021. That’s a year-over-year decline of almost 21% in the number of homes for sale, and a drop of 13% compared to 4,002 active listings in October.
According to data compiled by the Real Estate Information Network (REIN), Hampton Roads’ multiple listing service, the Month’s Supply of Inventory (MSI) now stands at just 1.09 – the lowest not only of the year, but the lowest since 2009 when REIN began track this information.
MSI is a calculation of how long it would take for all inventory to be sold if no new properties came on the market. “Any time the number of active listings is this low, while demand remains steady, you’re going to have a strong seller’s market,” said Harry Cross, President of REIN’s Board of Directors. “But our market isn’t really behaving any differently than the real estate markets in the rest of the nation.”
Cross pointed to the Median Sales Price, which increased to $295,000 in November, up from $290,000 the month prior, and up from $276,000 year-over-year.
“As with any product that is for sale, when supply is low and demand remains strong, you’ll see
prices being driven up,” he said.
● Settled sales were 2,987 in November, up 5.4% year-over-year, but down 7.8% when
compared to October.
● Pending residential sales for the month were 3,027, up by 10.4% year-over-year, but
down by about 4% compared to October.
● Residential new construction sales listed in the MLS sold in November was 269, down
13.2% year-over-year, but up from 266 the month prior.
● The number of residential active listings in 2021 peaked in July, when there were 4,621
homes on the market. Month’s supply of inventory also reached its high point that
month at 1.47.
Psssst! I wanted to let you in on a little secret. While I am a real estate agent…I am a different kind of real estate agent. I am creating a revolution in realty by combining everything you love about this area all into one place. Known around town as Mr. Williamsburg, I combine my extensive knowledge of the Williamsburg, Richmond, and Hampton Roads areas with my expertise in helping buyers and sellers navigate the ever-changing local real estate market to create a top-notch experience that checks all of your boxes.
Are you a homeowner searching for someone innovative and committed to selling your home? Allow Mr. Williamsburg to tell your story. With my unique marketing approach, your home will be seen from your eyes, not described in a few sentences by someone who doesn’t know it well.
Curious in finding the value of your existing home? Ask me here.
Interested in learning more about neighborhoods in the Williamsburg area? Check out my resource on specific communities in the surrounding areas of Williamsburg and Hampton Roads here.
Looking somewhere other than Williamsburg? In addition to my affinity for Williamsburg, I have helped hundreds of folks find their dream home and community in areas outside of the ‘Burg, such as Yorktown, New Kent, Virginia Beach, Chesapeake, Suffolk, Isle of Wight, Poquoson, and Richmond. I’m committed to helping you find your perfect fit and the place you’re happy to call home. Fill out this form and I’ll get back to you so we can connect.
Want to learn more about what working with me is like? While I can tell you all day why I love what I do so much, hearing directly from previous clients is the best way to see this. To read real client reviews and learn more about what it’s like working with me on your team, visit my reviews page here.
Your real estate journey is just that…yours. I get that it’ll be unique. It needs a marketing plan and a committed real estate professional to guide you every step of the way. To talk further, you can reach me via phone or text at 757-254-8136 or through email at [email protected].
I look forward to serving your real estate needs and welcoming you to this place that I’m lucky enough to call home!
John Womeldorf, Mr. Williamsburg