The number of homes sold 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 compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.
The number of units sold increased in the majority of the Hampton Roads region compared to May 2014, with Virginia Beach City experiencing a 12 percent increase and both Chesapeake and Hampton cities experiencing a 4 percent increase. In Norfolk City, the number of homes sold increased by 1 percent, while in Newport News City the number of homes sold decreased by 24 percent.
Compared to the same month last year, median sale prices increased in much the Hampton Roads region in May. In Norfolk City, the median sale price jumped by 13 percent, followed by 12 percent in Chesapeake City. Newport News City experienced a 5 percent increase, and Hampton City saw a 4 percent increase. In Virginia Beach City the median sale price dipped by 1 percent.
Inventory increased throughout much of the area in May, though it decreased by 2 percent in Norfolk City. Virginia Beach City saw a 1 percent bump, and Chesapeake City experienced a 6 percent increase. In Newport News City, inventory increased by 9 percent, while it jumped by 14 percent in Hampton City.
Many areas continued to see homes selling at a solid pace in May. In Chesapeake City, the days on market (DOM) average was 55 days, while homes are selling in about 66 days on average in Virginia Beach City. Other areas experienced DOM averages ranging from 87 to 116 days.
“Across the Mid-Atlantic and Northeast, real estate did well during the month of May including in the Hampton Roads region where we saw median sale prices increase in many places,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “The markets this year have been much healthier overall and we saw higher than predicted retail sales, a year-over-year boost in customer confidence, and a slight uptick in new jobs. We’re confident these positive trends will continue through the summer.”
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.
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