May 201718

Areas of the Hampton Roads Market Saw Rise in Median Sale Prices in April 2017

May 201718

Areas of the Hampton Roads Market Saw Rise in Median Sale Prices in April 2017

Market Minute Logo 2017Median sale prices increased in parts of the Hampton Roads real estate market last month, according to The Long & Foster Market Minute reports. The Hampton Roads market includes Chesapeake, Hampton, Newport News, Norfolk and Virginia Beach cities. The Long & Foster Market Minute reports are based on data provided by the Real Estate Information Network multiple listing service and its member associations of Realtors and include residential real estate transactions within specific geographic regions, not just Long & Foster sales.

HamptonRoads MM April2017

Median sale prices rose in a few areas of the Hampton Roads region last month compared to April 2016, with Norfolk City seeing an increase of 5 percent. Chesapeake City experienced a 4 percent increase in median sale price, while Virginia Beach City saw no year-over-year change. In Hampton City the median sale price decreased by 3 percent, and in Newport News City, it fell by 7 percent.

Parts of the Hampton Roads region also experienced an increase in the number of homes sold in April. Norfolk City experienced a 4 percent increase in the number of homes sold and Hampton City experienced a 2 percent increase. In Chesapeake City, the number of homes sold did not change from the previous year. In Newport News City, the number of homes sold fell by 1 percent, and Virginia Beach City saw a 3 percent decline.

Active inventory fell throughout the area in April, decreasing by 41 percent in Virginia Beach City and 40 percent in Hampton City. In Chesapeake City, active inventory declined by 38 percent, while Norfolk City experienced a decline of 37 percent. In Newport News City, active inventory decreased by 31 percent.

Many areas continued to see homes selling at a steady pace in April. In Chesapeake City, the days on market (DOM) average was 61 days, followed by Virginia Beach City with a DOM average of 64 days. Homes are selling in about 86 days on average in Newport News City and in Norfolk City, the average DOM was 87 days. In Hampton City, the DOM average was 99 days.

“April was a solid month at Long & Foster and, despite the lacking inventory that most areas are experiencing, we saw numerous positive indicators of growth in the real estate market, including in the Hampton Roads region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Market conditions are creating a lot of competition for homes, but we know our family of experienced, professional agents can help homebuyers succeed in finding not only a place to live, but a home they’ll love.”

The Long & Foster Market Minute is an overview of market statistics based on residential real estate transactions and presented at the county level. The easy-to-read and easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, months of supply, new listings, new contracts, list to sold price ratio, and days on market. Featuring reports for more than 500 local areas and neighborhoods in addition to more than 100 counties in eight states, The Long & Foster Market Minute is offered to buyers and sellers as they aim to make well-informed real estate decisions.

The Long & Foster Market Minute reports are available at www.LongandFoster.com, and you can subscribe to free updates for the reports in which you’re interested.    Information included in this report is based on data supplied by the Real Estate Information Network, which is not responsible for its accuracy. The reports do not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of REIN or Long & Foster Real Estate.