Median sale prices and units sold continued their upward trend across the Hampton Roads region in June, according to the Long & Foster Real Estate Market Minute Report. 

Hampton City experienced a 21% rise in median sale price, followed by a 15% rise in both Norfolk City and Virginia Beach City. The number of units sold also increased throughout the region and homes sold quickly with days on market ranging from 16 to 20.   

The Long & Foster Real Estate Market Minute report for the Hampton Roads region includes Chesapeake, Hampton, Newport News, Norfolk and Virginia Beach cities. 

Many of the headlines lately are all about the current seller’s market and how now is the best time in history to sell your home.  Gary Scott, president of Long & Foster Real Estate, believes that while now is a good time to sell, it’s also a good time to buy a home. 

“Interest rates are at an all-time low, and your buying power has never been higher,” said Scott. “Many homebuyers who have made their third, fourth or fifth offers on homes with no success may be getting discouraged, as they see home prices going up and are concerned that they are paying too much for the house.”  Scott pointed out that real estate values tend to run in ten-year cycles, with appreciation of 3% per year.  “If you go back to the financial crisis, prices got cut in half, but now, ten years later, they are ahead,” said Scott. “Prices recover, equity is built, and real estate is a tremendous hedge against inflation.” 

Scott added that as real estate professionals and trusted advisors, our job is to disarm and interpret the news for our customers. “The headlines may say one thing, but it’s our job to peel the onion back, understand where the information came from and educate consumers so that they can make the right decisions for their real estate needs,” said Scott. 

To learn more about your local market conditions, visit Long & Foster’s Market Insights. You can also learn more about Long & Foster and find an agent at LongandFoster.com.