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 January. In the cities of Chesapeake and Norfolk, the number of homes sold increased by 8 percent, while it rose by 7 percent in Virginia Beach City. In Hampton City, the number of homes sold increased by 5 percent. Newport News City experienced a 22 percent decrease in home sales.
Median sale prices varied in the Hampton Roads region last month compared to January 2016, with Norfolk City seeing an increase of 13 percent. Virginia Beach City experienced no year-over-year change in median sale price, while other areas saw declines between 6 percent and 13 percent.
Active inventory fell throughout the area in January, decreasing by 44 percent in Virginia Beach City and 40 percent in Chesapeake City. In Hampton City, active inventory declined by 39 percent, while Norfolk City experienced a decline of 32 percent. In Newport News City, active inventory decreased by 27 percent.
Many areas continued to see homes selling at a steady pace in January. In Chesapeake City, the days on market (DOM) average was 67 days, followed by Virginia Beach City with a DOM average of 75 days. Homes are selling in about 85 days on average in Hampton City, 94 days on average in Newport News City, and in Norfolk City the DOM average was 96 days.
“Though we’re still in the real estate market’s slow winter season, the United States economy continued to see improvements in January, and we saw positive trends happening in housing too, including in the Hampton Roads region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Low inventory continues to cause frustration for many, but is helping to push up sale prices for those selling homes. We’re looking forward to a healthy spring 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.