The number of homes sold 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.
In most of the Hampton Roads region, the number of homes sold rose in October. In Newport News City, the number of homes sold increased by 30 percent, while it rose by 19 percent in Hampton City. In the cities of Chesapeake and Virginia Beach, home sales increased by 2 percent. Norfolk City experienced a 16 percent decrease in home sales.
Median sale prices varied in the Hampton Roads region last month compared to October of last year with Chesapeake City seeing an increase of 7 percent. Median sale prices increased by 5 percent in Virginia Beach City, and Norfolk City experienced a 3 percent increase. In Hampton City, the median sale price stayed the same compared to the previous year and in Newport News City it declined by 10 percent.
Inventory fell throughout the area in October, decreasing by 16 percent in the cities of Chesapeake, Hampton and Virginia Beach. In Norfolk City, active inventory declined by 11 percent, while Newport News City experienced a decrease of 9 percent.
Many areas continued to see homes selling at a steady pace in October. In Chesapeake City, the days on market (DOM) average was 55 days, followed by Virginia Beach City with a DOM average of 64 days. Homes are selling in about 71 days on average in Newport News City, 74 days on average in Norfolk City, and in Hampton City the DOM average was 80 days.
“The U.S. economy saw promising signs in October, such as an uptick in wage growth and higher-than-expected retail sales. In the housing market, we continued to see positive trends as well, including in the Hampton Roads region where we saw rising home sales,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Although low inventory has increased the burden on demand for homes, many are still purchasing property in an effort to take advantage of low mortgage rates.”
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.