February 2016 Hampton Roads Real Estate Market Update

March 17, 2016

February 2016 Hampton Roads Real Estate Market Update

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,