February brought some good news to the Hampton Roads region real estate market, which includes Chesapeake, Hampton, Newport News, Norfolk and Virginia Beach cities, according to The Long & Foster Market Minute reports. Inventory remained low throughout the region and the median sale price increased in some areas.
The Long & Foster Market Minute reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.
The median sale price in the Hampton Roads region increased in some areas, including by 10 percent in Newport News City and 2 percent in Virginia Beach City. The city of Norfolk experienced no change in median sale price compared to the same month in 2013. Chesapeake City saw a 1 percent decrease in median sale price, while Hampton City saw a 3 percent decrease.
Compared to the same month last year, inventory remained very low throughout the area, decreasing by 18 percent in Hampton City. Norfolk City saw a 17 percent decrease in active inventory, while Chesapeake City saw a 15 percent decrease. Both Newport News City and Virginia Beach City experienced a 14 percent decrease in active inventory.
The number of homes sold compared to February 2013 increased by 6 percent in Norfolk City, and Chesapeake City saw no change. Other areas of the Hampton Roads market experienced decreases from 6 percent to 18 percent.
Homes are continuing to sell at a steady pace in much of the Hampton Roads region. Virginia Beach City saw the lowest days on market (DOM) at 77 days, followed by Chesapeake City at 78 days on market. Other areas saw days on market averages ranging from 88 days to 100 days.
“February continued in much of the same pattern as January as a result of the continued winter weather, but we’re seeing more positive trends happening in the real estate market, including in the Hampton Roads region,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Many areas have been enjoying increases in the median sale price and speedy home sales, and going into spring, we anticipate a stronger and more vibrant market.”
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.
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