July brought some good news to the Hampton Roads region real estate market, which includes Chesapeake, Hampton, Newport News, Norfolk and Virginia Beach cities, according to The Long & Foster Market Minute reports. The number of homes sold increased in some areas, and inventory remained low throughout the region.
The Long & Foster Market Minute reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.
The number of units sold in the Hampton Roads region varied when compared to the same month in 2013. Newport News City experienced an 18 percent increase in the number of homes sold, while Hampton City saw a 2 percent increase. Other areas experienced decreases of 4 percent to 13 percent.
The median sale price in the Hampton Roads regiondeclined in most areas, though Hampton City experienced a 16 percent increase. Newport News City saw a 2 percent decrease, followed by Virginia Beach City with a 3 percent drop. Chesapeake City and Norfolk City had decreases of 5 percent and 6 percent, respectively.
Compared to the same month last year, inventory remained low throughout the area, decreasing by 10 percent in Newport News City. Virginia Beach City saw a 9 percent drop, followed by Hampton City with an 8 percent decline. Both Chesapeake and Norfolk cities experienced decreases of 6 percent.
Many areas continued to see homes selling at a steady pace in July when compared to the same month last year. In Virginia Beach City, the days on market (DOM) average was 69 days, while homes are selling in about 73 days on average in Chesapeake City. Other areas experienced DOM averages ranging from 74 to 118 days.
“Throughout this summer the real estate market has stabilized and in many regions inventory is up, meaning more homes for buyers to choose from,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Meanwhile, sellers are continuing to benefit from quick transactions, with our data showing great days on market averages in much of the Mid-Atlantic. Overall, the market is well positioned for future growth.”
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.
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