Median sale price and units sold continued their upward trend across the Hampton Roads region in April, according to the Long & Foster Real Estate Market Minute Report. 

Hampton City experienced a significant 21% rise in median sale price, followed by an 18% rise in Norfolk City. In the category of units sold, Norfolk City led the way with a 41% increase and Hampton City with a 38% rise. Homes sold in less than one month with the number of days on market ranging from 20 to 29.   

The Long & Foster Real Estate Market Minute report for the Hampton Roads region includes Chesapeake, Hampton, Newport News, Norfolk and Virginia Beach cities.

Low interest rates continue to be the driver for this robust housing market. “Although we’ve been talking about the low inventory for years, the rate at which it is declining is starting to slow,” said Gary Scott, president of Long & Foster Real Estate. “It’s been encouraging to see the increase in new listings and healthy appreciation of median sale prices.”  

In today’s market, in which sellers have the upper hand, we asked Scott for some guidance on what to do if you want to buy and sell a home concurrently. “It’s one of the least risky times to buy your next home before you sell your current home,” said Scott. If homeowners are able to handle the payments on two homes for six months or so they can buy first and sell later, added Scott. 

“A bridge loan is also an option if you want to buy without selling first,” said Scott. “Or you can take out a home equity line of credit on your home before you put it on the market to access the equity to help you make your purchase first.” A bridge loan allows homeowners to borrow money to pay for the down payment on their next home based on the equity in their current home. In this market, whether you’re buying or selling a home, a professional real estate agent can help evaluate your options to decide which to do first and how to optimize both transactions.  

To learn more about your local market conditions, visit Long & Foster’s Market Insights. You can also learn more about Long & Foster and find an agent at LongandFoster.com.