Hampton Roads housing inventory at historic low; Buyers feel the crunch to find a home

Housing prices continue to rise as pandemic increases demand for single-family homes
Posted at 6:15 PM, Mar 15, 2022
and last updated 2022-03-15 18:31:06-04

HAMPTON ROADS, Va. - Recent market analysis conducted by the Real Estate Information Network (REIN) shows the number of houses for sale is at a historic low, while the prices are high.

In February 2019, the number of active residential listings was just over 8,400. In February 2022, there were only 2,500. That's a 70% decrease in just four years.

Simon Ng is a home buyer in what he calls an insane market.

“Hey we lost this house, hey we lost that house, and four times now, and fourth times a charm for us,” Ng said.

He said he had to look in five cities and make four offers just to find one. He said he also had to go over the asking price by a considerable amount.

“Every time that we put in an offer it got higher and higher and higher and it’s more than I can stomach,” Ng said.

Jon McAchran with REIN said prices are up 7.9% compared to February 2021.

“Just from a supply and demand metric we just have so many more buyers than sellers," McAchran said. "It’s really driving buyers to make offers above asking price and do what it takes to beat out the competition.”

The analysis also showed the average price of a home in Hampton Roads is over $290,000. A year ago, it was $269,000.