January 2016 Hampton Roads Real Estate Market Update

February 15, 2016

January 2016 Hampton Roads Real Estate Market Update

Hello Hampton Roads,

The January 2016 Hampton Roads Real Estate Market update is available!

If you ready my blog post, “The Best Time to Buy a Home”, you’ll see that January is historically the best time to buy a home so let’s take a look and see how each of the 7 cities in Hampton Roads fared in January 2016.

City	Homes Sold	Median Sold Price	Absorption Rate
Virginia Beach	345	$238,000.00	4.10
Norfolk	159	$169,000.00	5.21
Chesapeake	217	$239,990.00	4.58
Portsmouth	86	$123,250.00	7.21
Suffolk	78	$215,325.00	6.40
Hampton	97	$162,000.00	7.04
Newport News	106	$159,450.00	5.20

The absorption rate shows how many months of inventory are currently on the market in each city. Six months indicates a balanced market and numbers greater than 6 months represents a seller’s market and numbers less than 6 months represents a buyer’s market. Looking at the table we see that more cities are showing absorption rates favorable to home buyers. In fact, Virginia Beach and Chesapeake are solidly in a buyer’s market.

Chesapeake had the highest median sold price at $239,990.00 with Virginia Beach running close behind at $238,000.00. Portsmouth had lowest median sold price at $123,250.00 and also had the highest absorption rate at 7.21.

If you are thinking about buying or selling a home this year and would like more information about the Hampton Roads VA real estate market, please feel free to reach out to me.

Thanks for Reading,