Number of Homes Sold Increased in the Hampton Roads Market in August 2016

September 26, 2016

Market Minute LogoThe number of homes sold increased in 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.

Hampton Roads MM August 2016

In the Hampton Roads region, the number of homes sold increased in all areas. In Hampton City, the number of homes sold increased by 32 percent, while it rose by 8 percent in Virginia Beach City. In Newport News City, home sales increased by 5 percent, followed by an increase of 4 percent in Norfolk City. Chesapeake City experienced a 2 percent increase in home sales.

Median sale prices rose in most areas of the Hampton Roads region last month compared to August of last year with Newport News City seeing an increase of 9 percent. Median sale prices increased by 8 percent in Virginia Beach City, and Hampton City experienced a 5 percent increase. In Norfolk City, the median sale price rose by 4 percent and Chesapeake City saw no year-over-year change.

Inventory fell throughout the area in August, decreasing by 13 percent in Hampton City. In Chesapeake City, active inventory declined by 12 percent, while Virginia Beach City experienced a decrease of 11 percent. In Norfolk City, active inventory dropped by 10 percent, and Newport News City experienced a 5 percent decrease.

Many areas continued to see homes selling at a steady pace in August. In both Chesapeake and Virginia Beach cities, the days on market (DOM) average was 51 days, followed by Newport News City with a DOM average of 68 days. Homes are selling in about 79 days on average in Norfolk City, and in Hampton City the DOM average was 82 days.

“The U.S. economy was lackluster in August, but consumer sentiment remained positive. At Long & Foster, we saw evidence of that optimism in many of our markets including in the Hampton Roads region, where we saw home sales increase,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Although low inventory levels continue to be a source of frustration, many are still taking advantage of historically low mortgage rates, and we expect the housing market to remain steady this fall.”

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.