Home sales and median sale prices increased in a few areas of the Hampton Roads region last month, according to Long & Foster’s Market Minute reports. Norfolk City experienced a 5 percent increase in the number of homes sold in October. The median sale price rose by 6 percent in Virginia Beach City and by 3 percent in both Chesapeake and Hampton cities. Inventory continued to decline, though not as steeply as in previous months, and homes sold in about seven to 10 weeks on average.
“Although low housing inventory has been an issue nationwide this year, we’re starting to see those decreases wane, including in the Hampton Roads area,” said Gary Scott, president of Long & Foster Real Estate. “Overall, we’re likely to see a small bit of relief there as we go forward, but buyers should keep in mind that every neighborhood is different, which is why it’s important to work with an experienced real estate agent.”
Working with a Long & Foster agent, home buyers gain access to the company’s expansive network of 10,000+ agents, who are not limited to what’s currently on the market for sale today. The company itself offers a Coming Soon Portal that allows its associates to share properties that are soon to be listed for sale, and a luxury-focused private exclusive feature that showcases high-end homes that are being sold privately by Long & Foster associates.
“Interest rates are going to continue to creep up, which tends to be a motivator for many who are buying a home and can stimulate sales,” Scott said. “Those considering selling may benefit from having a pool of buyers who are serious about purchasing a home.”
Consultants from Prosperity Home Mortgage are located in almost every Long & Foster office, and they can help buyers with all their financing needs. As mortgage rates increase, the cost of homeownership grows, so it’s important that those shopping for a home meet with a mortgage consultant who can help them get pre-approved and lock in at current rates, Scott said.
“Despite October being a slow month for real estate, year-to-date the market is still close to our projections,” Scott said. “However, there’s so much information about the real estate market available and much of that can be inconsistent, so it’s critical that consumers have a professional real estate agent help them navigate and understand the market.”
Disclaimer: 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.