Saturday, December 9, 2023

Pending Sales And Closures In The Hampton Roads Housing Market Increase By More Than 30 Percent

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According to the latest figures released by the Real Estate Information Network (REIN) for the month of March, both residential real estate pending sales and closures increased by more than 30 percent compared to the month of February.

Active listings decreased slightly from February to March but were up by almost 12 percent compared to a year ago.

Jon McAchran with AtCoastal Realty, president of REIN’s board of directors, cited increased activity on the buyer side, combined with lingering inventory concerns, as reasons for price increases.

“Mortgage rates might be keeping some consumers out of the market, but there are still lots of buyers and plenty of competition when inventory is this tight,” McAchran said in a release. “We’re not at the level of buyer interest we saw in 2021 during the pandemic, but it’s shaping up to be a very competitive spring and summer in the local real estate market.”

While some real estate markets across the country have seen buyer interest dwindle and prices fall, buyers in the Hampton Roads region continue to show interest in purchasing homes despite current mortgage rates.

“Our biggest hurdle remains inventory,” McAchran said. “Buyers still want to enter the market, but many sellers have low mortgage rates on their existing loans and are hesitant to sell when not only are rates higher, but so are home prices.”

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