Median sale prices 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.
Median sale prices varied in the Hampton Roads region when compared to the previous year with Hampton City seeing a 22 percent increase. Median sale prices increased by 18 percent in Chesapeake City, 17 percent in Norfolk City and 16 percent in Newport News City. In Virginia Beach City, the median sale price rose by 2 percent.
In the Hampton Roads region, the number of homes sold increased by 13 percent in Chesapeake City when compared to January 2015. Other areas of the region experienced decreases of 3 percent to 23 percent.
Inventory fell in most of the area in January, decreasing by 13 percent in Norfolk City and by 7 percent in Chesapeake City. Virginia Beach City saw a 5 percent drop in inventory. In Newport News City, active inventory decreased by 4 percent, and there was no year-over-year change in Hampton City.
Many areas continued to see homes selling at a steady pace in January. In Virginia Beach City, the days on market (DOM) average was 73 days, while homes are selling in about 78 days on average in Chesapeake City. Hampton City experienced an average DOM of 84 days, followed by Newport News City with 87 days. The days on market average in Norfolk City was 95 days.
“So far this year, the overall economic fundamentals continue to support a strong housing market in the United States, though there have been short-term hurdles, including last month’s blizzard,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Affordability will likely remain high and mortgage rates are likely to stay steady or perhaps increase slightly this year, and we expect to see some good things happening in the Hampton Roads region real estate market for 2016.”
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.