Median sale prices increased in many parts 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 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.
Compared to October 2014, median sale prices increased in much of the Hampton Roads region in October. In Newport News City, the median sale price jumped by 17 percent, followed by a 6 percent increase in Chesapeake City. In Hampton City, median sale price rose by 4 percent, followed by a 2 percent increase in Virginia Beach City. Norfolk City experienced the only decrease of 2 percent.
The number of units sold varied in the Hampton Roads region compared to October 2014, with Norfolk City experiencing a 9 percent increase, followed by Hampton City with a 3 percent increase and Virginia Beach City with a 2 percent increase. Chesapeake City saw a decrease of 2 percent and Newport News City experienced a 21 percent decrease.
Inventory also varied in the area in October, decreasing by 7 percent in Virginia Beach City and by 5 percent in Norfolk City. Newport News City saw a 4 percent drop in inventory. In Chesapeake City, active inventory increased by 2 percent, and it increased by 5 percent in Hampton City.
Many areas continued to see homes selling at a solid pace in October. In Chesapeake City, the days on market (DOM) average was 60 days, while homes are selling in about 62 days on average in Virginia Beach City. Other areas experienced DOM averages ranging from 82 to 103 days.
“Consumer confidence increased once again in October and the labor market’s performing well ”“ both of which are good news for the economy,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “At Long & Foster, business remained steady, including in the Hampton Roads region where we saw improvements in median sale prices. We predict to see continued stability in housing as 2015 comes to a close.”
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.