The number of homes sold 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 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.
In most of the Hampton Roads region, the number of homes sold rose in December. In Newport News City, the number of homes sold increased by 13 percent, while it rose by 7 percent in Chesapeake City. In Virginia Beach City, the number of homes sold increased by 6 percent, followed by Hampton City with a 4 percent increase. Norfolk City experienced an 8 percent decrease in home sales.
Median sale prices varied in the Hampton Roads region last month compared to December 2015, with Norfolk City seeing an increase of 10 percent. Median sale prices increased by 5 percent in Chesapeake City, and Virginia Beach City experienced a 2 percent increase. In Newport News City, the median sale price fell by 3 percent and in Hampton City it declined by 6 percent.
Active inventory fell throughout the area in December, decreasing by 39 percent in the cities of Chesapeake and Virginia Beach. In Hampton City, active inventory declined by 35 percent, while the cities of Newport News and Norfolk experienced declines of 29 percent.
Many areas continued to see homes selling at a steady pace in December. In Chesapeake City, the days on market (DOM) average was 63 days, followed by Virginia Beach City with a DOM average of 67 days. Homes are selling in about 72 days on average in Norfolk City, 82 days on average in Newport News City, and in Hampton City the DOM average was 95 days.
“The positive trends we’ve been seeing in the U.S. economy continued in December, and though the real estate market is in its typical winter slowdown we still saw some good things happening, including in the Hampton Roads region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “We anticipate a strong 2017 real estate market where buyers will be able to take advantage of a number of factors like better FHA loan terms and mortgage rates ranging from 4-5 percent.”
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.