Hampton Roads Real Estate Market Update
Hello Hampton Roads! Happy May to everyone and I trust that the spring is going well! How about a quick Hampton Roads real estate market update for the first quarter in Hampton Roads, Virginia?
First I want to provide some background info–the overall Virginia numbers for the first quarter this year compared with the first quarters of 2014 and 2015. This information is provided by The Virginia Association of Realtors . Statewide home sales in the Commonwealth of Virginia were 2.2% greater in the first quarter of 2016 compared with 2015, and almost 15% higher than 2015!
For the Hampton Roads area, which in the Virginia Realtors report is much larger than what we typically think of as Hampton Roads (the report includes Accomack, Chesapeake, Franklin, Gloucester, Hampton, Isle of Wight, James City, Lancaster, Mathews, Middlesex, Newport News, Norfolk, Northampton, Northumberland, Poquoson, Portsmouth, Southampton, Suffolk, Surry, Virginia Beach, Williamsburg, and York).
Hampton Roads/Chesapeake Bay Data
This area, which the report calls Hampton Roads/Chesapeake Bay, saw it’s home sales (5,304) rise 9.3% compared with the 1st quarter 2015 (4,851) and median sales price rose 1.5% from 1st quarter 2015 ($202,000 ) to 1st quarter 2016 ($205,000).
Time on Market (Virginia Data)
In addition, the report notes that overall in Virginia, the average time on the market for the 1st quarter 2016 was down 6.4% compared with 1st quarter last year–this is good news for sellers since it means that homes are selling faster (and for more money!). But, buyers should not fret because interest rates are still historically low and home prices are still far below bubble prices leading up to 2008.
That’s about it for now, and here’s a gratuitous dog pic just because…