The number of homes sold 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 based on data provided by the Real Estate Information Network multiple listing service and its member associations of Realtors and include residential real estate transactions within specific geographic regions, not just Long & Foster sales.
In the Hampton Roads region, the number of homes sold increased by 19 percent in Newport News City when compared to April 2015. Home sales rose by 15 percent in Chesapeake City and by 11 percent in both Hampton and Norfolk cities. Virginia Beach City saw the number of homes sold increase by 10 percent.
Median sale prices rose in most the Hampton Roads region when compared to the previous year with Newport News City seeing an increase of 11 percent. Median sale prices increased by 9 percent in Hampton City, followed by a 7 percent increase in Norfolk City. In Virginia Beach City, the median sale price increased by 4 percent. Chesapeake City saw the area’s only decline with a 1 percent drop in median sale price.
Inventory fell in the area in April, decreasing by 13 percent in Norfolk City and by 11 percent in the cities of Chesapeake and Newport News. Virginia Beach City saw a 3 percent drop in inventory. In Hampton City, active inventory decreased by 2 percent.
Many areas continued to see homes selling at a steady pace in April. In Virginia Beach City, the days on market (DOM) average was 54 days, while homes are selling in about 67 days on average in Chesapeake City. Newport News City and Norfolk City each experienced an average DOM of 82 days, followed by the Hampton City with 98 days.
“Low inventory is causing frustration for many homebuyers but we are continuing to see some positive trends otherwise, including in the Hampton Roads region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Many are seeing home prices increase, which is excellent for those looking to sell, new home sales are high and home improvement stores are reporting strong earnings. With mortgage rates continuing to remain low, we anticipate the market will remain healthy as we move into summer.”
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.
The Long & Foster Market Minute reports are available at www.LongandFoster.com, and you can subscribe to free updates for the reports in which you’re interested. Information included in this report is based on data supplied by the Real Estate Information Network, which is not responsible for its accuracy. The reports 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.