Inventory continued to decline in the Hampton Roads region last month, resulting in higher median sale prices across the area, 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 compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.
Median sale prices rose throughout the Hampton Roads region, jumping by 21 percent in Newport News City and 11 percent in Hampton City. The cities of Chesapeake and Norfolk both experienced increases of 9 percent, while Virginia Beach City enjoyed a 4 percent rise in median sale price.
Compared to the same month last year, inventory remained low throughout the area, decreasing by 10 percent in Norfolk City. Newport News City saw a 6 percent drop, followed by Virginia Beach City with a 4 percent decline. Inventory decreased by 3 percent in Hampton City and by 2 percent in Chesapeake City.
The number of units sold declined in almost all the Hampton Roads region, with the exception of Norfolk City, which saw a slight 2 percent jump. In other parts of the area, unit sales declined from 3 percent to 26 percent.
Many areas continued to see homes selling at a solid pace in November. In Virginia Beach City, the days on market (DOM) average was 70 days, while homes are selling in about 72 days on average in Norfolk City. Other areas experienced DOM averages ranging from 79 to 92 days.
“Throughout the Mid-Atlantic and Northeast regions, including in the Hampton Roads area, we’ve seen many positive trends in real estate, from increased activity to rising median sales prices,” said Jeffrey S. Detwiler, president and COO for The Long & Foster Companies. “I anticipate that the market’s steady end-of-year growth will continue through December, and I’m optimistic for the coming year, which will benefit from increased housing affordability and rising consumer confidence.”
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.