Where Have All Of The Listings Gone?
To understand what's happening right now with the Hampton Roads Real Estate Market, we’re going to look at the active listings first.
Last February there were 8,896 homes on the market, and this year 8,457 homes. Overall the number was down 4.93% year over year. Every major city in Hampton Roads experienced a decrease in inventory with Newport News experiencing the largest decrease at 11.76%.
But while inventory went down, the number of sales in February grew from 16.40% year-over-year, with 249 more homes closing in February 2019 than in February 2018. Suffolk, Newport News, and Virginia Beach all saw increases in home sales over 20%.
The median sales price for February 2019 was $229,000, up 1.78% from last year. Norfolk, Virginia Beach, Chesapeake, and Newport News all experienced growth anywhere from 3.37% to 9.83%.
Short sales and foreclosures have also continued to decrease and account for less of the market.
So, even as the active listings on the market have declined in Hampton Roads, the number of homes sold has continued to grow year over year.
Take advantage of the market!