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 May 2016, with the cities of Hampton and Virginia Beach seeing an increase of 7 percent. Newport News City experienced a 2 percent increase in median sale price, while Chesapeake City saw a 1 percent increase. In Norfolk City, the median sale price didn’t change from the previous year.
Parts of the Hampton Roads region also experienced an increase in the number of homes sold in May. Chesapeake City experienced a 12 percent increase in the number of homes sold and Norfolk City experienced a 4 percent increase. In Newport News City, the number of homes sold rose 2 percent over the previous year. In Hampton City, the number of homes sold fell by 1 percent, and Virginia Beach City saw a 9 percent decline.
Active inventory fell throughout the area in May, decreasing by 40 percent in Chesapeake City and 38 percent in the cities of Hampton, Norfolk and Virginia Beach. In Newport News City, active inventory declined by 33 percent.
Areas of the Hampton Roads region continued to see homes selling at a steady pace in May. In both Chesapeake and Virginia Beach cities, the days on market (DOM) average was 55 days, followed by the cities of Newport News and Norfolk with a DOM average of 73 days. Homes are selling in about 91 days on average in Hampton City.
“Last month, the unemployment rate in the U.S. hit its lowest level in 16 years and wages continued to increase. Even though sparse inventory continues to cause frustration in the real estate market, many areas still saw rising home sales and prices last month, including parts of the Hampton Roads region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “This spring has been a busy one for our agents as they’ve expertly worked to guide buyers in finding a home, and we look forward to a healthy summer 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.
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.