The Long & Foster Market Minute

Focus On: Hampton Roads/Southeast Virginia Housing Market May 2020

Units Sold
2,383
Active Inventory
4,515
Median Sale Price
$265,000
Days On Market
41
Down -17%
Vs. Year Ago
Down -52%
Vs. Year Ago
Up 4%
Vs. Year Ago
Down -21%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in May, with 2,383 sold this month in Hampton Roads/Southeast Virginia Real Estate versus 2,404 last month, a decrease of 1%. This month's total units sold was lower than at this time last year, a decrease of 17% versus May 2019.

Active Inventory
Versus last year, the total number of homes available this month is lower by 4,820 units or 52%. The total number of active inventory this May was 4,515 compared to 9,335 in May 2019. This month's total of 4,515 is lower than the previous month's total supply of available inventory of 5,705, a decrease of 21%.

Median Sale Price
Last May, the median sale price for Hampton Roads/Southeast Virginia Homes was $254,900. This May, the median sale price was $265,000, an increase of 4% or $10,100 compared to last year. The current median sold price is 2% higher than in April.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
3,168
Current Contracts
3,644
Sold Vs. List Price
99.1%
Months of Supply
1.9
Down -27%
Vs. Year Ago
Up 28%
Vs. Year Ago
Up 0.6%
Vs. Year Ago
Down -42%
Vs. Year Ago

Months of Supply
In May, there was 1.9 months of supply available in Hampton Roads/Southeast Virginia, compared to 3.2 in May 2019. That is a decrease of 41% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 3,168 homes newly listed for sale in Hampton Roads/Southeast Virginia compared to 4,359 in May 2019, a decrease of 27%. There were 3,644 current contracts pending sale this May compared to 2,850 a year ago. The number of current contracts is 28% higher than last May.

Sale Price to List Price Ratio
In May, the average sale price in Hampton Roads/Southeast Virginia was 99.1% of the average list price, which is 0.6% higher than at this time last year.

Days on Market
This month, the average number of days on market was 41, lower than the average last year, which was 52, a decrease of 21%.

The Long & Foster Market Minute *Defined as the counties of Hampton City, Isle of Wight, James City, Southampton, Surry, York and the cities of Chesapeake, Franklin, Williamsburg, Newport News, Norfolk, Poquoson, Portsmouth, Suffolk, Virginia Beach in VA.
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by REIN/WAAR and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of REIN/WAAR or Long & Foster Real Estate, Inc.