Median sale prices continued their upward climb, while inventory declined in October in the Hampton Roads Region, according to the Long & Foster Real Estate Market Minute Report. 

Compared to this month last year, Hampton City experienced a 24% increase in sale price, followed by a 15% increase in Norfolk City. Units sold increased across the region with a 27% rise in Chesapeake City, followed by 23% in Virginia Beach City. Inventory continued to drop across the region in the double digits and homes sold quickly with the number of days on market ranging from 24 to 43.   

The Long & Foster Real Estate Market Minute report for the Hampton Roads region includes Chesapeake, Hampton, Newport News, Norfolk and Virginia Beach cities. 

There’s been a consistent reduction of housing inventory numbers for the past three years, which continues to be a headwind for the real estate market. The gap between supply and demand is so significant that the expansion in building new homes is barely scratching the surface of the actual demand for homes.  

“This is arguably the best time ever to sell,” said Gary Scott, president of Long & Foster Real Estate. “If someone is thinking about selling in the next one to three years, I’d advise that it’s not going to get any better than it is now. Lack of inventory and historically low interest rates is a fundamental recipe for successfully selling your property.” 

When asked if a COVID-19 vaccine would have any impact on mortgage rates or the overall housing market, Scott indicated he believes a vaccine and interest rates are not related.  “Instead, a vaccine will hopefully open schools, restaurants and let businesses impacted by the virus experience economic opportunity and growth, which should help the housing industry,” said Scott. “People who were taken out of the housing market will be able to get back to work and get back in.” 

Many home trends have popped up due to COVID-19 such as touchless appliances, home offices and home gyms. We asked Scott if he sees this trend continuing in future years. “Consumer behavior shifted so quickly, causing a flight from density,” said Scott. “As each month goes by, we see businesses make announcements of their remote vision for the future. They’re seeing high productivity from people working remotely, so I believe these home trends are here to stay.”  

To learn more about your local market conditions, visit Long & Foster’s Market Insights. You can also learn more about Long & Foster and find an agent at LongandFoster.com.