The number of homes sold and median sale prices increased in most 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 compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.
The number of units sold increased in almost all the Hampton Roads region, including a 19 percent jump in Chesapeake City. Both Norfolk and Virginia Beach cities experienced increases of 10 percent, while Newport News City saw an 8 percent increase. In Hampton City the number of homes sold declined by 3 percent last month.
Median sale prices rose throughout most of the Hampton Roads region, jumping by 24 percent in Hampton City and by 16 percent in Chesapeake City. The cities of Newport News and Norfolk experienced increases of 3 percent and 1 percent, respectively. Virginia Beach City saw no change in median sale price compared to December 2013.
Inventory remained low throughout the area in December, decreasing by 6 percent in Norfolk City. Newport News City saw a 4 percent drop, and Virginia Beach City saw no change in the amount of inventory on the market. Chesapeake City saw an increase of 2 percent, while inventory rose by 4 percent in Hampton City.
Many areas continued to see homes selling at a solid pace in December. In Chesapeake City, the days on market (DOM) average was 71 days, while homes are selling in about 75 days on average in Virginia Beach City. Other areas experienced DOM averages ranging from 84 to 102 days.
“December brought modest improvements to the Mid-Atlantic and Northeast real estate market, including in the Hampton Roads area, with many areas enjoying rising numbers of homes sold and growing median sale prices,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “These developments are positive for the real estate market and leave us positioned for growth in 2015.”
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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