Median sale prices increased in all but one area of the Hampton Roads real estate market in February, according to the Long & Foster Market Minute reports. The Hampton Roads region includes Chesapeake, Hampton, Newport News, Norfolk and Virginia Beach cities.
In Chesapeake City, the median sale price increased by 6 percent last month, followed by a 3 percent increase in Hampton City. Norfolk City, the only area where the median sale price didn’t increase, remained the same from the previous year. The cities of Chesapeake, Newport News and Virginia Beach all saw small increases in the number of homes sold.
“While we hoped to see the inventory declines ease a little bit in February, the significant volatility in the stock market created a cause for pause,” said Gary Scott, president of Long & Foster Real Estate. “That volatility will likely continue and although potential buyers may take a wait and see approach, we don’t think it will really change behavior.”
Active inventory continued to decline significantly in the region in February. The smallest decrease in the region was seen in Virginia Beach, where the number of available homes fell by 36 percent. The cities of Chesapeake and Norfolk saw the largest declines in the region at 44 percent. Homes are still selling at a solid pace in the region. Days on market averages in February ranged from 58 days in Chesapeake City to 78 days in Hampton City.
There is a silver lining to the current market trends, Scott said. Inventory is low, prices are up and, while interest rates are increasing, the increases aren’t at a level that is impacting affordability. That means it’s an excellent time to sell, he said.
“If selling your home is in the back of your mind, push it to the front of your mind,” Scott said. “The next 60 to 90 days will be an ideal time to sell a home. If your home is priced right, in good condition and in a good location, you’re going to sell your house.”
Scott said working with a Realtor can help sellers ensure they get the most out of the sale of their home. In its 2017 Profile of Home Buyers and Sellers, the National Association of Realtors found that homes listed for sale by owner sold for a median price of $190,000, while the median price of agent-assisted home sales was $250,000.
“The market is truly hyperlocal,” Scott said. “If there was ever a time that the public needed a trusted advisor and an expert who can help them navigate the market, it’s now. A professional can help ensure your home is priced correctly, gets maximum exposure and market demand, and can negotiate on your behalf.”
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.