What did the Hampton Roads real estate market look like in August 2020?
Our team at CGP Real Estate Consulting has compiled the monthly housing statistics from the Hampton Roads Real Estate Information Network. Here’s what we’ve got from August:
Compared to last year, we saw more homes sold and a higher median price.
19.02% more homes were sold this August than in August of 2019 (2,503 total).
The median sales price was $279,900, which is a 7.65% increase year-over-year.
The average market time was 47 days.
Supply decreased again in August.
There were 3,352 active listings, a hefty decrease of 42.32% in active listings compared to last August.
We saw a 6.82% decrease in new listings year-over-year, with 2,569 new re-sale listings during August 2020.
668 new construction properties were listed last month.
The median list price was $315,000 for all listed properties.
August’s absorption rate was 1,818.42.
The “absorption rate” is the average number of listings that have sold per month in the last year.
At the current pace of sales, there are only 1.84 months-worth of inventory currently on the market. This is the lowest inventory has ever been in Hampton Roads.
THE BOTTOM LINE:
Demand did not let up in August, pushing the inventory to record lows once again. The number of homes sold ate up the majority of new listings. Hampton Roads is averaging 1,760 homes sold per month in the last year.
Be on the lookout for demand to slow down over the next few months as uncertainty around the election picks up. As always, your CGP Team is here to help you buy, sell, and invest with confidence.
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***Disclosure: We pulled all our stats and info from the Hampton Roads Real Estate Information network (REIN). All interpretations, analytics, or derivations were conducted by CGP Real Estate.