Hampton Roads Region Sees Rise in Median Sale Price, Units Sold, in February

March 26, 2021
Market Minute Logo 2019 small

Median sale price and units sold continued their upward climb across the Hampton Roads region in February, according to the Long & Foster Real Estate Market Minute Report. The year-over-year median sale price in Norfolk City rose by 14%, followed by 13% in Hampton City. Newport News City experienced the highest number of homes sold with a 17% increase, followed by a 16% rise in Norfolk City.

Active inventory continued to decline across the region by double digits. Homes sold quickly throughout the region with the number of days on market ranging from 30 to 33. 

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

Hampton Roads Market Minute Chart February 2021

With the new stimulus package and the vaccine rollout, people are feeling more optimistic. We asked Long & Foster Real Estate president, Gary Scott, what impact he believes this optimism will have on the housing market. “As businesses open, the economy will pick up because more people will be working, which can only be a positive outcome for the housing market,” said Scott. “The stimulus will add energy to the economy and the vaccine will add confidence to consumer behavior, which will contribute to a continued strong real estate market in 2021. Sellers will feel more comfortable listing their home and buyers will feel more comfortable looking for a home.”

Scott commented that we currently have a unique combination of a super-sellers’ market, because of low inventory, and a great buyers’ market due to low interest rates.  “Although interest rates have moved up slightly, it’s best to compare rates to the last 10 to 15 years, rather than the last 10 to 15 days,” said Scott. “It’s important to note that rates are still at or near historic lows and we’re confident the spring market will be strong.”

Even with many businesses and restaurants reopening, Scott does not anticipate people moving back into more urban areas. “More people are working remotely and want more space, so they don’t have to live near the city, where it’s usually higher-priced,” Scott explained. “Teleworking will play a role in future buying behavior patterns and I don’t believe it will ever go back to the way it was.”

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.