Here is the April 2022 Market Update for Hampton Roads, regarding real estate for the region's seven cities of Virginia Beach, Chesapeake, Norfolk, Portsmouth, Suffolk, Hampton and Newport News.
There is a strong demand for housing in Virginia Beach and surrounding areas of Hampton Roads. This is creating rising home prices and increased mortgage rates not just here but nationally as well.
Here is an excerpt from this months REIN market report.
The median sales price (MSP) of all homes sold in the region reached $319,900.
The Months’ Supply of Inventory (MSI), which is a calculation of how long it would take for all inventory to be sold if no new properties came on the market, was up very slightly at 1.01 in April.
The number of active residential listings for April was 3,187. That’s down from 3,780 at the same time last year and less than half of the 6,695 active listings for April 2020. In April 2019 there were 8,974 homes on the market.
Year-over-year, the number of settled sales for April was down 11.9%, with 2,814 in April 2022 compared to 3,194 in April 2021.
Pending residential sales for April were 3,106, compared to 3,608 in April 2021.
New residential listings for April were 4,056. That’s up 3.8% month-over-month.
New construction listed and sold via the MLS was 300, down from 319 last month and down from 335 in April 2021.
More information about Virginia Beach and surrounding areas of Hampton Roads market trends can be obtained from The Real Estate Information Network. Read more here....
Protect Your Home From Pet Damage
Our pets bring so much joy to our lives, but over time they can also cause a lot of damage around the home.
Even the most well-behaved pets can create some mischief every now and then, but there are many ways to diminish the damage that your furry friends can cause.
One of the biggest homeowner pet peeves is their cats or dogs scratching floors, doors, or furniture. I took a buyer into a home recently where you can see visible damage to the trim on the front and back doors. It was obvious that the dog wanted to get out. Sometimes dogs eat the paint off the baseboards. Cats can mark their territory using their scent, which can be nearly impossible to remove.
Besides training your pets early in their life, one of the most effective ways to decrease scratching around the home is to regularly trim your pet’s nails. This may be a challenging task depending on the animal, but you can always get the help of a groomer. You should trim your pet’s nails at least once a month. You can also protect your furniture with scratch guards.
If your pet has an accident in your home, the only way to really clean it up and rid yourself of the smell is by using an enzymatic cleaner.
Enzyme cleaners usually come in a spray bottle and contain bacteria in the solution that feeds off the organic material of pet waste. You can usually find these cleaners at the hardware or pet store.
It’s important to make sure your pet stays active because they can build up a lot of anxious energy if they get bored. Set aside at least 30 minutes a day, if possible, to exercise your pet so it can stay healthy and prevent frustration and possible mayhem around the house.
Pets are wonderful companions! If you're looking for a pet-friendly home feel free to contact me.
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We hope that you enjoyed this April 2022 Housing Market Update post!