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.
Median sale prices rose in a much of the Hampton Roads region last month compared to June 2016, with Hampton City seeing an increase of 8 percent. Virginia Beach City experienced a 3 percent increase in median sale price and Norfolk City experienced a 2 percent increase. In Chesapeake City, the median sale price rose by 1 percent, while Newport News City saw a 4 percent decline in median sale price.
Parts of the Hampton Roads region also experienced an increase in the number of homes sold in June. Norfolk City experienced an 8 percent increase in the number of homes sold and the cities of Hampton and Newport News experienced a 7 percent increase. Both Chesapeake and Virginia Beach saw the number of homes sold decline by 1 percent.
Active inventory fell throughout the area in June, falling by 39 percent in Chesapeake City and 36 percent in the cities of Hampton and Norfolk. In Newport News City, active inventory declined by 33 percent, followed by Virginia Beach City where it fell by 32 percent.
Areas of the Hampton Roads region continued to see homes selling at a steady pace in June. In Chesapeake City, the days on market (DOM) average was 45 days, followed by Virginia Beach City with a DOM average of 49 days. Homes are selling in about 71 days on average in both Hampton and Norfolk cities, and the DOM average in Newport News City was 80 days.
“Job growth surged in the U.S. in June, and we continued to see positive signs of growth in the real estate industry as well. Despite low inventory, many areas of the Mid-Atlantic and Northeast saw rising median sale prices, an increase in home sales or both, including in the Hampton Roads region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “After a hectic spring season, we look forward to what the end of summer and start of fall will bring.”
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.