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Another month has passed, and another record has been set in the Hampton Roads real estate market.
During April, the median sales price (MSP) of all homes sold in the region reached $319,900. The previous high was $300,000, which occurred both last month and in July 2021. Year-over-year, the MSP was up 12.25% from $285,000 in April 2021. The MSP was just $255,000 in April 2020.
The data was compiled by the Real Estate Information Network (REIN), Hampton Roads’ multiple listing service (MLS).
“Housing affordability is a concern for us all, so we’re always paying attention to home prices and where they’re heading,” said Liz Moore, President of REIN’s Board of Directors and Owner/Broker of Liz Moore & Associates. “It’s never a good thing for potential buyers and those who need a home to be priced out of the market.”
While limited supply and strong demand are keeping prices high and the residential market tight throughout Hampton Roads, Moore said that rising mortgage rates are beginning to impact demand both locally and across the nation.
As an example, the Months’ Supply of Inventory (MSI), which is a calculation of how long it would take for all inventory to be sold if no new properties came on the market, was up very slightly, she said. The MSI was 1.01 in April. It was just .88 in March, which represented less than one month’s supply. The MSI was 1.27 in April 2021.
“That’s still well below what we’d like to see in a balanced real estate market. Nevertheless, right now the MSI moving up is better than it moving down,” said Moore.
Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!
You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.
We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.