The Long & Foster Market Minute

Focus On: Hampton Roads/Southeast Virginia Housing Market September 2018

Units Sold
1,797
Active Inventory
7,428
Median Sale Price
$237,000
Days On Market
55
Down -19%
Vs. Year Ago
Down -42%
Vs. Year Ago
Up 3%
Vs. Year Ago
Down -11%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in September, with 1,797 sold this month in Hampton Roads/Southeast Virginia Real Estate versus 2,582 last month, a decrease of 30%. This month's total units sold was lower than at this time last year, a decrease of 19% versus September 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 5,377 units or 42%. The total number of active inventory this September was 7,428 compared to 12,805 in September 2017. This month's total of 7,428 is lower than the previous month's total supply of available inventory of 8,218, a decrease of 10%.

Median Sale Price
Last September, the median sale price for Hampton Roads/Southeast Virginia Homes was $230,000. This September, the median sale price was $237,000, an increase of 3% or $7,000 compared to last year. The current median sold price is 2% lower than in August.

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


New Listings
2,580
Current Contracts
2,119
Sold Vs. List Price
98.3%
Months of Supply
4.1
Down -18%
Vs. Year Ago
Up 9%
Vs. Year Ago
No Change
Vs. Year Ago
Down -28%
Vs. Year Ago

Months of Supply
In September, there was 4.1 months of supply available in Hampton Roads/Southeast Virginia, compared to 5.8 in September 2017. That is a decrease of 28% 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 2,580 homes newly listed for sale in Hampton Roads/Southeast Virginia compared to 3,153 in September 2017, a decrease of 18%. There were 2,119 current contracts pending sale this September compared to 1,941 a year ago. The number of current contracts is 9% higher than last September.

Sale Price to List Price Ratio
In September, the average sale price in Hampton Roads/Southeast Virginia was 98.3% of the average list price, which is similar compared to a year ago.

Days on Market
This month, the average number of days on market was 55, lower than the average last year, which was 62, a decrease of 11%.

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.