Apr 201718

Hampton Roads Market Saw Rise in Median Sale Prices in March 2017

Apr 201718

Hampton Roads Market Saw Rise in Median Sale Prices in March 2017

Market Minute Logo 2017Median sale prices increased in 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 Chart March2017

Median sale prices rose throughout the Hampton Roads region last month compared to March 2016, with Hampton City seeing an increase of 17 percent. Virginia Beach City experienced a 6 percent increase in median sale price, while it increased by 5 percent in the cities of Norfolk and Chesapeake. In Newport News City the median sale price increased by 4 percent.

In a number of areas of the Hampton Roads region, the number of homes sold increased in March. Newport News City experienced a 14 percent increase and Virginia Beach City experienced a 13 percent increase. In Norfolk City, the number of homes sold increased by 5 percent. In Hampton City, there was no year-over-year change in the number of homes sold, through Chesapeake City saw a 3 percent decline.

Active inventory fell throughout the area in March, decreasing by 44 percent in Virginia Beach City and 40 percent in Chesapeake City. In Hampton City, active inventory declined by 39 percent, while Norfolk City experienced a decline of 34 percent. In Newport News City, active inventory decreased by 31 percent.

Many areas continued to see homes selling at a steady pace in March. In Chesapeake City, the days on market (DOM) average was 68 days, followed by Virginia Beach City with a DOM average of 72 days. Homes are selling in about 91 days on average in Hampton City and in Norfolk City, the average DOM was 92 days. In Newport News City, the DOM average was 95 days.

“March was a great month at Long & Foster and we saw numerous positive indicators of growth in the real estate market, including in the Hampton Roads region where median sale prices increased,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “With spring in full swing and mortgage rates remaining low, more people are looking to buy and sell homes. We anticipate the season will continue to bring robust activity to the housing market.”

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.