We are still navigating record low inventory, multiple offers, and discouraged buyers. However there is hope in sight, there is a sign that the region's unprecedented low inventory may finally be on the rise. According to REIN, Southeastern Virginia’s Multiple Listing Service (MLS) and the source of statistical real estate data in Hampton Roads, higher numbers of listings have been input into the MLS since February of this year showing signs of an increase in availability. In April 2021, there were 3,780 active listings on the market compared to just 3,552 homes in March 2021 and even fewer homes for sale in February at 3,350 homes. This small increase cannot compare to the 6,695 homes for sale from April 2020, but this upturn could signal a new trend worth watching.  

 “We didn't experience a traditional spring market last year due to the pandemic,” said REIN President Harry Cross. “It’s nice to see more properties coming into the MLS database, even if it's just a few hundred more than the previous months. With many clients getting above-asking price offers, other homeowners are realizing that now is the ideal time to sell their homes.” Cross goes on to explain, “Over the years I have seen similar markets — I call them ‘auction markets’ because multiple offers create an auction-type environment for buyers and sellers. It is a tough market. We are all looking forward to a more stable marketplace, and getting everyone vaccinated will definitely help!”