Hampton Roads Real Estate Market Saw Rising Home Sales in June

July 24, 2018

Market Minute Logo 2017 smallNearly every part of the Hampton Roads real estate market experienced an increase in home sales in June, according to the Long & Foster Market Minute reports. The Hampton Roads region includes Chesapeake, Hampton, Newport News, Norfolk and Virginia Beach cities.

Hampton Roads Market Minute Chart June 2018

Most areas of the Hampton Roads real estate market experienced an increase in the number of homes sold in June when compared to the same month the previous year. Newport News City saw a 13 percent increase, while Hampton City saw a 7 percent increase. Much of the region also experienced an increase in median sale price, including a 10 percent increase in Newport News City and a 9 percent increase in Hampton City.

Active inventory continued to drop by double digits, ranging from a 38 percent decrease in Virginia Beach City and a 44 percent decrease in the cities of Chesapeake and Norfolk. Homes in the Hampton Roads region sold at a solid pace. The days on market average ranged from 42 days in Chesapeake City to 77 days in Hampton City.

Gary Scott, president of Long & Foster Real Estate, said when it comes to the real estate market as a whole, consumers can expect the second half of this year to look much like the first half. Low inventory of homes will continue to make buying a challenge. However, he said he also sees opportunity on the horizon.

“When you think about household formations over the next three to five years, the demographics are our friend, not our foe,” Scott said. “The Boomers who own homes are going to need to sell their houses as they age, and the Millennials are going to start buying at a greater pace as they get married and start families. Millennials aren’t in the same hurry as previous generations to start a family and build wealth.”

In the meantime, the best thing that people navigating the current market can do is work with a real estate professional. Scott said consumers’ access to information and data, which can often be chaotic and incorrect, has heightened the need for professional advisors with total market knowledge.

“There are many real estate agents that are sales people who aren’t committed, aren’t professionally trained and aren’t prepared,” Scott said. “They’re not real estate professionals, who are trusted advisors that build solid relationships. It’s not hard to be a real estate agent, but it’s really hard to be a good one.”

The Long & Foster Market Minute is an overview of market statistics based on residential real estate transactions for more than 500 local areas and neighborhoods and over 100 counties in eight states. The easy-to-read, easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, list to sold price ratio, days on market and more.

Information included in this report is based on data supplied by Real Estate Information Network multiple listing service and its member associations of Realtors, which are not responsible for its accuracy. The reports include residential real estate transactions within specific geographic regions, not just Long & Foster sales, and they 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.