Home Sales Increased in the Hampton Roads Market in February 2016

March 21, 2016

Market Minute LogoThe number of homes sold increased throughout 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.

HamptonRoads MM Feb2016

In the Hampton Roads region, the number of homes sold increased by 51 percent in Hampton City when compared to February 2015. Home sales rose by 22 percent in Norfolk City and by 17 percent in Virginia Beach City. Newport News City saw the number of homes sold increase by 13 percent followed by a 7 percent increase in Chesapeake City.

Median sale prices increased in most the Hampton Roads region when compared to the previous year with Chesapeake City seeing an 8 percent increase. Median sale prices increased by 3 percent in the cities of Newport News and Norfolk, and by 2 percent in Virginia Beach City. Hampton City experienced a 9 percent decline in median sale price.

Inventory fell in much of the area in February, decreasing by 9 percent in Norfolk City and by 7 percent in Chesapeake City. Newport News City saw a 6 percent drop in inventory. In Virginia Beach City, active inventory decreased by 2 percent, while it rose by 4 percent in Hampton City.

Many areas continued to see homes selling at a steady pace in February. In Virginia Beach City, the days on market (DOM) average was 76 days, while homes are selling in about 81 days on average in Chesapeake City. Hampton City experienced an average DOM of 87 days, followed by Newport News City with 91 days. The days on market average in Norfolk City was 93 days.

“The United States economy saw positive growth in the number of jobs added in February, which is good news for the housing market,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “We also saw some favorable improvements happening within our market areas last month as well, including in the Hampton Roads region. Though many places are feeling the squeeze of low inventory, we anticipate an upturn in the spring will help alleviate demand.”

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, Inc.