The Long & Foster Market Minute

Focus On: Hampton Roads/Southeast Virginia Housing Market June 2021

Units Sold
3,698
Active Inventory
2,707
Median Sale Price
$299,900
Days On Market
20
Up 20%
Vs. Year Ago
Down -53%
Vs. Year Ago
Up 14%
Vs. Year Ago
Down -55%
Vs. Year Ago

Units Sold
There was an increase in total units sold in June, with 3,698 sold this month in Hampton Roads/Southeast Virginia Real Estate versus 3,172 last month, an increase of 17%. This month's total units sold was higher than at this time last year, an increase of 20% versus June 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 3,009 units or 53%. The total number of active inventory this June was 2,707 compared to 5,716 in June 2020. This month's total of 2,707 is lower than the previous month's total supply of available inventory of 3,619, a decrease of 25%.

Median Sale Price
Last June, the median sale price for Hampton Roads/Southeast Virginia Homes was $262,950. This June, the median sale price was $299,900, an increase of 14% or $36,950 compared to last year. The current median sold price is 3% higher than in May.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
3,987
Current Contracts
4,446
Sold Vs. List Price
101.7%
Months of Supply
0.7
Up 16%
Vs. Year Ago
Up 39%
Vs. Year Ago
Up 2.8%
Vs. Year Ago
Down -61%
Vs. Year Ago

Months of Supply
In June, there was 0.7 months of supply available in Hampton Roads/Southeast Virginia, compared to 1.9 in June 2020. That is a decrease of 61% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 3,987 homes newly listed for sale in Hampton Roads/Southeast Virginia compared to 3,431 in June 2020, an increase of 16%. There were 4,446 current contracts pending sale this June compared to 3,210 a year ago. The number of current contracts is 39% higher than last June.

Sale Price to List Price Ratio
In June, the average sale price in Hampton Roads/Southeast Virginia was 101.7% of the average list price, which is 2.8% higher than at this time last year.

Days on Market
This month, the average number of days on market was 20, lower than the average last year, which was 44, a decrease of 55%.

The Long & Foster Market Minute *Defined as the counties of Hampton City, Isle of Wight, James City, Southampton, Surry, York and the cities of Chesapeake, Franklin, Williamsburg, Newport News, Norfolk, Poquoson, Portsmouth, Suffolk, Virginia Beach in VA.
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by REIN/WAAR and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of REIN/WAAR or Long & Foster Real Estate, Inc.