Jun 201623

Home Sales Increased in Much of the Hampton Roads Market in May 2016

Jun 201623

Home Sales Increased in Much of the Hampton Roads Market in May 2016

Market Minute LogoThe number of homes sold increased in most of 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.

Hampton MM May2016

In the Hampton Roads region, the number of homes sold increased by 25 percent in Hampton City when compared to May 2015. Home sales rose by 15 percent in Newport News City and by 14 percent in Virginia Beach City. Chesapeake City saw the number of homes sold increase by 9 percent, while Norfolk City saw no change compared to last year.

Median sale prices rose in many areas of the Hampton Roads region last month compared to May 2015 with Newport News City seeing an increase of 15 percent. Median sale prices increased by 14 percent in Hampton City, followed by a 5 percent increase in Norfolk City. In Virginia Beach City, the median sale price increased by 1 percent. Chesapeake City saw the area’s only decline with a 1 percent drop in median sale price.

Inventory fell in the area in May, decreasing by 14 percent in Newport News City and by 12 percent in the cities of Chesapeake and Norfolk. Hampton City saw a 7 percent drop in inventory. In Virginia Beach City, active inventory decreased by 6 percent.

Many areas continued to see homes selling at a steady pace in May. In Virginia Beach City, the days on market (DOM) average was 60 days, while homes are selling in about 64 days on average in Chesapeake City. The cities of Norfolk and Newport News experienced DOMs of 78 days and 88 days, respectively, and in Hampton City the DOM average was 90 days.

“May was a good month for the real estate industry overall this year, as well as in the Hampton Roads region. Mortgage rates remain at historic lows and consumer confidence hit its highest since June 2015 last month,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “These developments, along with other positive economic news, indicate the strength of the real estate market, which we expect to continue to do well throughout the 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.