How Is The Market Marvin? January 2021 vs. January 2020
Hampton Roads had a great start in the new year despite challenges due to the pandemic in 2020. Residential settled sales were strong in January 2021 with 2,293 homes sold compared to 1,723 homes sold in January 2020. That’s a significant increase of 33.08% year-over-year. Pending (or under contract) sales also continued to see increases moving into the new year rising 22.87%, from 2,147 in January 2020 to 2,638 in January 2021.
January’s residential active listings dropped 44.89% year-over-year with only 3,664 homes on the market, as compared to 6,648 back in January of 2020. With homes selling faster than new listings added to the market, the trend of record low inventory continues.
“The news in the real estate market is that listings are down almost 45% as compared to January 2020,” said Harry Cross, REIN’s newly elected President. “The closed sales and pending sales are up as compared to the same time last year. The demand for the current listings is extremely high, making it a good time to sell your property.”
Months’ supply of residential home inventory is currently 1.28 months, a significant decrease from 2.66 months in January 2020, and a strong indication that our region is still very much in a sellers’ market. Homes are moving quickly once they become available. With such reduced inventory, it’s not unexpected to see the residential median sales price for our region experience another bump of 10.42% year-over-year from $239,900 in January 2020 to $264,900 in January 2021.