2020 finishes as a ‘strong seller’s market’, real estate experts say

Business

HAMPTON ROADS, Va. (WAVY) — The Real Estate Information Network (REIN) released data on Hampton Roads residential sales for 2020. They say it shows the area ending the year as a strong seller’s market. Leaders with REIN say sales showed no signs of slowing down in the new year either.

The region’s residential pending sales rose 41% in 2020 compared to the year before, with 2,722 homes going under contract.

Experts say residential settled sales also increased by 31% from December 2020 vs. 2019, with more than 3,000 homes going to closing. REIN says the increased residential median sales price seen at the end of 2020 rose 11% from 2019.

They say the only possible negative aspect of the local real estate market is the decline in available inventory.

According to REIN, active residential listings were down 40% from 2019.

Stay with WAVY.com for more local news updates.

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Trending Stories

WAVY Twitter Widget

***Don’t Miss Module Removal CSS***

WAVY Facebook