February 2016 Hampton Roads Real Estate Market Update ~ Hampton Roads Real Estate Ramblings

February 2016 Hampton Roads Real Estate Market Update

Thursday, March 17, 2016

Hello Hampton Roads,

Happy St. Patrick’s Day! :)




The housing numbers are out for February 2016! What’s the market telling us this month and how did each of the 7 cities do compared with last month?








Let’s take a look:

City
Homes Sold
Median Sold Price
Absorption Rate
Virginia Beach
447
$233,000.00
4.12
Norfolk
206
$169,000.00
5.25
Chesapeake
230
$247,000.00
4.69
Portsmouth
92
$101,550.00
6.98
Suffolk
83
$244,000.00
6.56
Hampton
118
$126,000.00
6.89
Newport News
125
$153,500.00
5.18

From the overhead view, the general trend is towards a seller’s market.  
We see a strong seller’s market in Virginia Beach, Norfolk, Chesapeake, and Newport News which all have an absorption rate of less than 6 months.   On the other hand, Portsmouth, Suffolk and Hampton show absorption rates of over 6 months, but under 7 months.  Six month is an evenly balanced market and anything over 6 months favors buyers which means that there it takes longer to sell existing inventory, and less than 6 months favors sellers which means that the selling period is shorter.

The highest median sold price belongs to Suffolk at $244,000.00 and this city also had the biggest increase in median sold price as compared to last month :  $215,325.00 to $244,000.00, an 11.7% increase.  Portsmouth has the lowest median sold price as well as the largest decrease as compared to last month’s numbers.  The median sold price in Portsmouth, which went from $123,250.00 to $101,550.00, a 17.6% decrease from the prior month.


If you would like more information about the home values in your neighborhood, feel free to visit http://www.YourHomeWorth.us  and feel free to contact me with any questions.

Thanks for Reading,

View Liz Schuyler- CDPE, SFR, e-PRO's profile on LinkedIn
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Serving your Hampton Roads and Virginia Beach Real Estate needs. Liz Schuyler on Google+