Homes in Hampton Roads are still selling quickly and often above the listing price with multiple offers, according to the latest monthly statistics from the Real Estate Information Network in Virginia Beach, or REIN.
For the first time in at least six years, the median price for a home sold in Hampton Roads rose by more than 10% compared with a year ago, according to the real estate multiple listing service. For several months, home sales have endured and even excelled during a global health pandemic that has caused other industries to greatly suffer.
REIN’s data indicate the median sales price for homes across the region in September was $275,000 versus $249,900 a year ago.
The number of homes for sale continued to shrink to record lows, dropping 42% to 4,839 houses across the South Hampton Roads and Peninsula regions versus 8,384 a year ago.
Despite the smaller inventory, there