The median sale price 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.
Median sale prices rose in most parts of the Hampton Roads region last month compared to February 2016, with Hampton City seeing an increase of 30 percent. Norfolk City experienced a 14 percent increase in median sale price, while it increased by 3 percent in Virginia Beach City. In Newport News City the median sale price increased by 2 percent, and in Chesapeake City it fell by 3 percent.
In most of the Hampton Roads region, the number of homes sold fell in February, though Chesapeake City experienced a 12 percent increase. In the cities of Hampton and Norfolk, the number of homes sold declined by 2 percent and 4 percent, respectively, while other areas experienced decreases of 15 percent to 22 percent.
Active inventory fell throughout the area in February, decreasing by 45 percent in Virginia Beach City and 44 percent in Chesapeake City. In Hampton City, active inventory declined by 39 percent, while Norfolk City experienced a decline of 35 percent. In Newport News City, active inventory decreased by 30 percent.
Many areas continued to see homes selling at a steady pace in February. In Chesapeake City, the days on market (DOM) average was 76 days, followed by Virginia Beach City with a DOM average of 77 days. Homes are selling in about 93 days on average in Newport News City and in both the cities of Hampton and Norfolk, the average DOM was 97 days.
“The United States economy continued to make gains in many areas in February, and at Long & Foster we saw positive indicators of growth in the real estate market as well, including in the Hampton Roads area,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Sale prices of homes continued to rise for many in the Mid-Atlantic and Northeast regions and, with continued high demand for homes, we expect to see a busy spring season.”
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.