The entire Hampton Roads region saw home sales rise in the month of May and median sale prices increased in most areas, according to the Long & Foster Market Minute reports. The Hampton Roads region includes Chesapeake, Hampton, Newport News, Norfolk and Virginia Beach cities.
Norfolk City experienced the sharpest increase in the number of homes sold last month, with an increase of 23 percent. The cities of Chesapeake and Hampton both saw a 6 percent increase in the number of homes sold, while it rose by 1 percent in the cities of Newport News and Virginia Beach. Much of the area experienced modest increases in median sale price. The cities of Hampton and Chesapeake saw median sale prices rise by 5 percent and 4 percent, respectively.
Active inventory levels in the Hampton Roads region continued to fall sharply. The smallest inventory decline was seen in Virginia Beach City where it fell by 37 percent. Chesapeake City experienced the largest decline at 47 percent. Homes in the Hampton Roads region sold at a steady pace, with days on market averages ranging from 44 days to 66 days.
Many worry that if they didn’t buy a home during the spring season, they have missed out on the best opportunities. According to Gary Scott, president of Long & Foster Real Estate, that isn’t necessarily true, as each season’s market has its own pros and cons.
“While more homes are listed in the spring than any other season, the hot market also means you have more people competing to buy the same properties,” Scott said. “During other times of year there may be fewer choices, but there can also be more room for negotiation with fewer buyers on the market.”
Scott said home buyers who wait until next spring to purchase are likely to face higher sale prices and higher mortgage rates. He said he advises most buyers that they shouldn’t try to play the market.
“The time to buy a house is when you want to buy a house and it’s right for your personal situation,” Scott said. “You never know when the right home for your family will come on the market, but a knowledgeable real estate agent can help you be as prepared as possible for when it does.”
The Long & Foster Market Minute is an overview of market statistics based on residential real estate transactions for more than 500 local areas and neighborhoods and over 100 counties in eight states. The easy-to-read, easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, list to sold price ratio, days on market and more.
Information included in this report is based on data supplied by Real Estate Information Network multiple listing service and its member associations of Realtors, which are not responsible for its accuracy. The reports include residential real estate transactions within specific geographic regions, not just Long & Foster sales, and they 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.