Parts of the Hampton Roads Market Saw Rise in Home Sales in July

August 21, 2017

Market Minute Logo 2017The number of homes sold increased in areas 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.

Hampton Roads Market Minute Chart July 2017

Home sales increased in parts of the Hampton Roads region last month compared to July 2016, with Newport News City seeing an increase of 6 percent. Both Chesapeake and Hampton cities experienced a 3 percent increase in the number of homes sold, and Norfolk City experienced a 6 percent decrease. In Virginia Beach City, the number of homes sold fell by 11 percent.

Parts of the Hampton Roads region also experienced an increase in median sale price in July. Virginia Beach City experienced a 6 percent increase in median sale price and Chesapeake City saw a 5 percent increase. In Norfolk City, the median sale price rose by 2 percent. In Hampton and Newport News cities, the median sale price declined by 5 percent and 6 percent, respectively.

Active inventory fell throughout the area in July, falling by 37 percent in both Chesapeake and Norfolk cities. In the cities of Hampton and Newport News, active inventory fell by 36 percent, while in Virginia Beach City, it decreased by 32 percent.

Areas of the Hampton Roads region continued to see homes selling at a steady pace in July. In Chesapeake City, the days on market (DOM) average was 46 days, followed by Virginia Beach City with a DOM average of 49 days. Homes are selling in about 64 days on average in Newport News City, and the DOM average in both Hampton and Norfolk cities was 67 days.

“While many feel optimistic about the U.S. economy as a whole, the issue of low inventory continues to curb the efforts of many who are in the market to buy a home, including homebuyers in the Hampton Roads region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “The good news is that new home construction has been gradually but steadily increasing, which should help provide some relief, and mortgage rates remain low as we head toward the end of 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.

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.