Saturday, September 24, 2022

Local Residential Real Estate Inventory Dips

Local real estate inventory set a record low in January 2022 (Photo by Michael Tuszynski from Pexels)

HAMPTON ROADS — The inventory of real estate in the Greater Hampton Roads area took a dip in January 2022.

In a report issued by the Real Estate Information Network, Inc. (REIN), it lists that January saw an record-low Months’ Supply of Inventory (MSI) throughout the region. In December, REIN reported a record low of 0.88 but it fell again the following month to 0.79.

REIN notes that this low rate means that real estate is being purchased faster than homes are being listed on the market.

“Buyers have had a tough go of it for the past two years,” said REIN Board President Liz Moore of Liz Moore & Associates, which has a location in Williamsburg. “When there are five offers on a new listing, only one buyer is successful in their bid. That leaves four disappointed and still looking.”

In the report, it lists that the median price in which residential properties sold for in January 2022 was $291,000; up from $290,000 in December and nearly 10 percent above the year-over-year price of $264,950.

Moore attributes this to historically low interest rates and the lack of supply motivating buyers to pay above the asking price or entering bidding wars for wanted properties.

“Over the past year, sellers had enjoyed peak pricing, which was enhanced by multiple offers in many instances,” she said.

The market also saw less active listings in January in comparison to the year before. In January 2021, the local real estate market had 3,664 active listings compared to January 2022’s 2,536 active listings. Additionally, new construction sales were down from 309 in December 2021 to 269 in January, and pending sales were down slightly year-over-year.

For more information on this and other real estate data from around Hampton Roads, please visit the website for REIN.

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