The number of homes sold 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 the majority of the Hampton Roads region compared to the same month in 2014, including a 48 percent jump in Hampton City. Chesapeake City experienced a healthy increase of 14 percent, followed by Virginia Beach City at 9 percent. Newport News City saw a 1 percent increase, while Norfolk City experienced a decrease of 1 percent.
Median sale prices varied throughout the Hampton Roads region, rising by 8 percent in Virginia Beach City and by 1 percent in Norfolk City. The cities of Chesapeake and Hampton both experienced decreases of 1 percent. Newport News City saw a 5 percent drop in median sale price compared to January 2014.
Inventory increased throughout most of the area in January, though it decreased by 2 percent in Newport News City. Norfolk City saw a 4 percent rise in the amount of active inventory and Virginia Beach City saw a 7 percent jump. Chesapeake City followed with an increase of 8 percent, and Hampton City experienced an 11 percent increase in active inventory.
Many areas continued to see homes selling at a solid pace in January. In Chesapeake City, the days on market (DOM) average was 70 days, while homes are selling in about 83 days on average in Hampton City. Other areas experienced DOM averages ranging from 87 to 103 days.
“In January, we saw some positive trends happening in the Mid-Atlantic and Northeast real estate market, including in the Hampton Roads region, with areas seeing rising numbers of homes sold,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “These are some good developments in the world of real estate, and we’re expecting to see a healthy spring market 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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