The Latest Hampton Roads Market Stats Update for Jan 2021

Hello Hampton Roads,

The latest January 2021 Hampton Roads market stats are out and it feels bubbly out there! The prices of assets are going up (just take a look at your retirement funds and the stock market) and real estate is no exception. Since last year, the real estate market has been on a tear and whether you are in the market to buy a home or sell one, understanding these numbers will give you a better idea of what to expect.  

Take a look at the tables below which show data for the 7 cities for both detached and attached properties:  (Note: SP= Sold Price, DOM= Days on Market, % LP= Percent of List Price)

City: Detached Properties	Avg SP	Median SP	Median DOM	% LP Received	Month’s Supply
Virginia Beach	$432,330	$342,500	14	99.8%	0.9
Norfolk	$291,201	$250,000	16	100.1%	1.2
Chesapeake	$362,797	$360,000	13	100.7%	0.9
Portsmouth	$204,561	$199,850	20	99.4%	1.4
Suffolk	$323,535	$312,259	18	100.2%	1.9
Hampton	$227,623	$219,000	17	100.5%	1.2
Newport News	$245,303	$240,000	21	99.6%	1.3

City: Attached Properties	Avg SP	Median SP	DOM	% LP Received	Month’s Supply
Virginia Beach	$257,051	$220,000	20	99.6%	1.4
Norfolk	$275,962	$190,000	29	98.9%	2.9
Chesapeake	$237,623	$217,900	9	99.5%	1.0
Portsmouth	$144.697	$139,800	21	98.1%	1.6
Suffolk	$259,358	$239,800	14	99.3%	1.6
Hampton	$200,689	$200,000	25	99.4%	1.3
Newport News	$171,717	$181,995	18	98.5%	1.0

If you’re a home seller in this market, things are looking pretty rosy. Home prices are rising and as long as your home is priced in line with comparable homes, it will sell quickly. Limited inventory means more competition for homes on the market and you can see that month’s supply of inventory is well below six months for each city.  Six months represents a balanced market and below this number is a seller’s market and above is a buyer’s market. Homes in good condition and even homes in not so good condition are selling quickly and for top dollar; homes are being sold within 99% of list price or over.  If you are considering selling, it’s better to do so while the market is in your favor. Do you want to know what homes like yours could sell for?  Check out https://rem.ax/HomeWorth

If you’re a home buyer in this market, it can be challenging so you need to use the information about this market to your advantage. For example, knowing that you are buying in a hot market, put yourself in the best position possible to get a home and have a game plan to get a house. Take advantage of low interest rates and make sure you using the best loan programs available to you as well as any other resources like grants for down payment or closing costs.  Knowing that there is limited inventory and in many cases, knowing that homes are selling for at or over the asking price, make strong offer upfront to show you are serious buyer and the one the seller should work with. If you are renting, find out if you can buy for what you pay in rent.  If you want to discuss your particular plans and the best way to proceed, let’s start with a simple phone call: https://calendly.com/liz-schuyler

Thanks for Reading,

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