The Latest Hampton Roads Housing Market Update

Hello Hampton Roads,

How's the Hampton Roads housing market looking you ask?  Well, let's take a look at the housing numbers according the the latest statistics from our MLS, the Real Estate Information Network (aka REIN).  These numbers are the most recent data collected from May 2010.

As we can see from the table above, it's no surprise that given the absorption rate, we are still in a seller's market with month's supply of inventory ranging from a low of 7.58 months in Virginia Beach to a high of 10.68 months in Norfolk.  Six months of inventory is a balanced market and anything less than that would make it a buyer's market and anything more would be a seller's market.

Looking at the median price for homes sold, and comparing this to Hampton Roads home sale prices back in March 2010, we can see that the median sales price increased for 3 cities (Virginia Beach, Norfolk, and Suffolk) while prices decreased for the other 4 cities.

If you'd like to more about your neighborhood or what you home is worth now, feel free to drop me a note and I'll send you a free comparative market analysis!

Thanks for Reading,

Serving your Hampton Roads and Virginia Beach Real Estate needs.


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