Number of Homes Sold Increased in the Hampton Roads Market in June 2015

July 21, 2015

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 compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.

Hampton MM June 2015

 

The number of units sold increased in the entire Hampton Roads region compared to June 2014, with Chesapeake City experiencing a 19 percent increase and both Hampton and Virginia Beach cities experiencing an 18 percent increase. In Newport News City, the number of homes sold increased by 16 percent, while in Norfolk City the number of homes sold increased by 15 percent.

Compared to the same month last year, median sale prices increased in much the Hampton Roads region in June. In Newport News City, the median sale price jumped by 8 percent, followed by 4 percent in Norfolk City. Both Chesapeake and Virginia Beach cities experienced a 1 percent increase in median sale prices, and Hampton City experienced the region’s only decline at 11 percent.

Inventory increased in parts of the area in June, though it decreased by 1 percent in Norfolk City. Virginia Beach City saw saw no change, and Chesapeake City experienced a 2 percent increase. In Newport News City, inventory increased by 4 percent, while it jumped by 10 percent in Hampton City.

Many areas continued to see homes selling at a solid pace in June. In Chesapeake City, the days on market (DOM) average was 63 days, while homes are selling in about 64 days on average in Virginia Beach City. Other areas experienced DOM averages ranging from 80 to 97 days.

“The United States’ economy has been doing well this year, and as of June, consumer confidence has remained up 16 percent over last year. This positivity has shown in the real estate market, including in the Hampton Roads region, where we saw more homes sold in June,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Many industry experts are predicting rising interest rates in the fall, and I’m optimistic that the second half of 2015 will bring more improvements.”

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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