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


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.

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