The number of homes that were 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.
The number of units sold increased in the Hampton Roads region compared to September 2014, with Chesapeake City experiencing a 26 percent increase, followed by Hampton City with an 18 percent increase and Newport News City with a 16 percent increase. Norfolk City saw an increase of 14 percent and Virginia Beach City experienced a 12 percent increase.
Compared to September 2014, median sale prices increased in much of the Hampton Roads region in September. In Newport News City, the median sale price jumped by 10 percent, followed by a 5 percent increase in Virginia Beach City. Both Hampton and Norfolk cities experienced a 4 percent increase in median sale price, and Chesapeake City saw a 3 percent decrease.
Inventory varied in the area in September, decreasing by 5 percent in Virginia Beach City and by 4 percent in Norfolk City. Newport News City saw no change in inventory. In Chesapeake City, active inventory increased by 5 percent, and it increased by 7 percent in Hampton City.
Many areas continued to see homes selling at a solid pace in September. In Virginia Beach City, the days on market (DOM) average was 56 days, while homes are selling in about 62 days on average in Chesapeake City. Other areas experienced DOM averages ranging from 72 to 89 days.
“Though many are still concerned for economic growth in China, The United States economy is continuing to grow and the job market is steadily improving. The stability in the U.S. was also reflected in the real estate market, including locally,” said Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster Companies. “In the Hampton Roads region, we continued to see improvements in the number of homes sold and sale prices, and we anticipate a healthy last few months of 2015.”
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.