Hampton Roads Market Sees Increased Number of Homes Sold in March 2015

April 21, 2015

Market Minute LogoThe number of homes sold and median 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 compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.

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The number of units sold varied in the Hampton Roads region compared to the same month in 2014, with Hampton City experiencing a 49 percent jump, followed by Norfolk City with a 41 percent increase. The number of homes sold increased by 16 percent in Virginia Beach City and by 13 percent in Chesapeake City. Newport News City experienced an 11 percent increase.

Median sale prices also increased in the Hampton Roads region, rising by 26 percent in Hampton City and by 13 percent in Chesapeake City. In Norfolk City the median sale price rose by 9 percent, while it increased by 8 percent in Newport News City. Virginia Beach City saw a 2 percent increase in median sale price.

Inventory increased throughout much of the area in March, though it decreased by 2 percent in Newport News City and by 1 percent in Norfolk City. Virginia Beach City saw a 5 percent increase and Hampton City saw a 6 percent increase in active inventory. Chesapeake City experienced an 11 percent rise in active inventory.

Many areas continued to see homes selling at a solid pace in March. In Chesapeake City, the days on market (DOM) average was 75 days, while homes are selling in about 77 days on average in Virginia Beach City. Other areas experienced DOM averages ranging from 92 to 114 days.

“In March, we saw some positive trends in the Mid-Atlantic and Northeast real estate market, including in the Hampton Roads region, where we saw increases in both the number of homes sold and median sale prices,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “We saw consumer spending increase in March for the first time since November, and with rising consumer spending comes higher consumer confidence, and that bodes well for 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.

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