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.
The number of units sold increased in most of the Hampton Roads region compared to November 2014, with Newport News City experiencing a 59 percent increase, followed by Chesapeake City with a 16 percent increase and Virginia Beach City with an 11 percent increase. Hampton City saw an increase of 7 percent and Norfolk City experienced a 4 percent decrease.
Compared to November 2014, median sale prices varied in the Hampton Roads region in November. In Hampton City, the median sale price jumped by 15 percent, followed by a 9 percent increase in Norfolk City. In Virginia Beach City, median sale price rose by 3 percent, while Chesapeake City experienced no change from the previous year. Newport News City experienced a decrease of 8 percent.
Inventory fell throughout the area in November, decreasing by 10 percent in Norfolk City and by 8 percent in Newport News City. Virginia Beach City saw a 7 percent drop in inventory. In Chesapeake City, active inventory decreased by 5 percent, and it decreased by 1 percent in Hampton City.
Many areas continued to see homes selling at a solid pace in November. In Chesapeake City, the days on market (DOM) average was 71 days, while homes are selling in about 74 days on average in Virginia Beach City. Other areas experienced DOM averages ranging from 78 to 96 days.
“November brought a number of positive things to the United States’ economy, with additional jobs and increases in home construction being among them, and we saw good signs within the Long & Foster market as well,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Within the Hampton Roads region, we saw continued improvements in number of homes sold, and we anticipate a steady and healthy real estate market in 2016.”
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.