How Has COVID-19 Affected Hampton Roads Real Estate Market?

 

In the midst of COVID-19 pandemic Hampton Roads, this graph shows average sales price is $277,553 homes’ prices appreciated and has increased by 4.6%.

As the world was hit with the COVID-19 pandemic, this graph shows Hampton Roads real estate market didn’t panic drastically  but only decrease in activity by 1.4%. New homes coming to the market didn’t change much from 2019.

Homes current for sale on the market prior to March (the beginning of the COVID-19 Pandemic.) This graph shows that inventory (homes for sale) has decreased over the last 3 years. As a result, prior to the COVID-19 there was a huge inventory shortage of 13%. 

In the middle of the COVID-19 Pandemic there were more buyers buying homes. This graph shows how many buyers wrote an offer on a new home in the month of March. As you can see there was 11% more homes went under contract than 2019.

As we are all guarantine as a result of the COVID-19, we've experienced more homes sales. This graph shows that there was an 8% increased in sales than 2019. This graph stats is very encouraging. Ultimately, it lets us know that things are not as bad as it seems. There’s hope knowing that our real estate market is still strong and that homeowners' equity is secure.

Bottom Line

In the midst of COVID-19 Hampton Roads Real Estate Market has remained strong & have actually did better during these time of uncertainty.

  • Average sales price is $277,553 & sales prices increased by 4.6%
  • New listing/homes for sale coming to market decreased only by 1.4%
  • Current homes for sale down by 13%
  • Pending Sales: Homes that received an offer increased by 11.1%
  • Closed Sales: Homes that sold increased by 8%

If you are considering making a move and need your home sold, we will GUARANTEE an offer on your home within the next 72 hours. Call 757-774-6069 or fill out form below.  

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