Median sale prices increased in much of 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 compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.
Compared to the same month last year, median sale prices increased in much the Hampton Roads region in April. In Hampton City, the median sale price jumped by 10 percent, followed by 8 pecent in Chesapeake City. Newport News City experienced a 6 pecent increase, and Norfolk City saw a 3 percent increase. In Virginia Beach City the median sale price dipped by 1 percent.
The number of units sold decreased in the majority of the Hampton Roads region compared to April 2014, with Virginia Beach City experiencing a 19 percent increase and Hampton City experiencing a 14 percent increase. Other areas experienced decreases of 1 percent to 5 percent.
Inventory increased throughout much of the area in April, though it decreased by 3 percent in Norfolk City. Virginia Beach City saw a 2 percent bump , and Newport News City experienced a 4 percent increase. In Chesapeake City, inventory increased by 7 percent, while it jumped by 13 percent in Hampton City.
Many areas continued to see homes selling at a solid pace in April. In Virginia Beach City, the days on market (DOM) average was 67 days, while homes are selling in about 78 days on average in Chesapeake City. Other areas experienced DOM averages ranging from 90 to 98 days.
“April showed us that there are some great things happening in the Mid-Atlantic and Northeast real estate market, including in the Hampton Roads region where we saw increases in median sale prices,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “The conditions of the real estate market in many areas of the country are providing excellent opportunities for both buyers and sellers, and we’re pleased to see a nice robust spring 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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