The entire Hampton Roads real estate market saw an increase in median sale prices in August, according to the Long & Foster Market Minute reports. The Hampton Roads region includes Chesapeake, Hampton, Newport News, Norfolk and Virginia Beach cities.
The number of homes sold varied in the Hampton Roads region in August. Virginia Beach City experienced an increase of 6 percent and Newport News City experienced an increase of 3 percent, while other areas saw no change or modest declines. Median sale prices rose by 9 percent in Norfolk City and by 6 percent in the cities of Hampton and Newport News.
Inventory continued to decline sharply across the region last month. Chesapeake City saw the largest drop at 42 percent, followed by Norfolk City where it decreased by 41 percent. Homes throughout the region sold in about two months on average. Chesapeake City saw the lowest days on market average at 43 days.
“While inventory is starting to improve nationwide and rising sale prices are slowing down, it’s still a sellers’ market, which means buyers need to be prepared,” said Gary Scott, president of Long & Foster Real Estate. “The need for a real estate professional is heightened more than ever.”
Although spring is traditionally seen as the best time of the year to buy or sell property, consumers shouldn’t let seasonality dictate behavior, Scott said.
“As mortgage rates continue to be attractive, it’s still a good time to sell,” Scott said. “And if you’re buying, don’t take yourself out of the market – you never know when the right property will come along.”
Scott said buyers in this market need to do three things: watch prices in the neighborhood where you plan to buy, watch for inventory coming on the market, and be pre-approved for a mortgage and ready to make an offer.
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.