HAMPTON, Va. (WAVY) — Data shows that homes sold in Hampton continued to trend upwards throughout the pandemic as well as the median sale price — and they are both still on the rise.
As the fiscal year closed out in June, Hampton Roads’ private listing service the Real Estate Information Network (REIN) showed that while home sales were down in Hampton by 2.6% from the previous year, pending sales increased by 15%.
Median sale prices for homes in the city increased from $186,000 to $195,075 this June and have stayed in the $190,000s for three consecutive months.
The REIN also said that overall in Hampton Roads, buyers were active in the market during June. From 2019 to 2020, pending sales were up by 31%, settled sales by 3.5%, new construction settled sales by 3% and median sale price by 2.9%. The only stat trending down were active listings which hit an overall decline of 37%.
“The market is robust despite the initial worries of COVID-19, and we will continue to see increases in both sales and listings in the upcoming months,” said Barry Nachman, President of REIN in a statement released in July. “The forecast is for continued low-interest rates in the foreseeable future, with more buyers than ever trying to take advantage of these rates. For sellers, this is a great time to put your home up for sale as prices are steadily increasing with many sellers receiving multiple offers on their homes.”
The full release from the City of Hampton can be read here.
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