The number of homes sold increased in 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 the Hampton Roads region, the number of homes sold increased by 20 percent in Hampton City when compared to December 2014, followed by a 10 percent increase in Chesapeake City. Newport News City experienced a 5 percent increase, while both Norfolk and Virginia Beach cities each saw a decline of 5 percent.
Median sale prices varied in the Hampton Roads region when compared to the previous year. In both Chesapeake and Virginia Beach cities, they rose by 7 percent, followed by a 6 percent increase in Newport News City. Median sale prices declined by 1 percent in Norfolk City, while they fell by 6 percent in Hampton City.
Inventory fell in most of the area in December, decreasing by 11 percent in Norfolk City and by 6 percent in Virginia Beach City. Chesapeake City saw a 4 percent drop in inventory. In Newport News City, active inventory decreased by 2 percent, and it increased by 3 percent in Hampton City.
Many areas continued to see homes selling at a solid pace in December. In Chesapeake City, the days on market (DOM) average was 66 days, while homes are selling in about 71 days on average in Virginia Beach City. Other areas experienced DOM averages ranging from 81 to 94 days.
“In December, the recent economic trends we’ve been seeing in the United States’ economy continued as more jobs were added and wages increased. Additionally, according to the Associated Press, new home sales jumped almost 15 percent in 2015,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “We saw additional positive trends happening within Long & Foster’s footprint, including in parts of the Hampton Roads region where we saw increases in homes sold and rising median sale prices. We look forward to what the 2016 market brings us.”
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, Inc.