The Long & Foster Market Minute

Focus On: Hampton Roads/Southeast Virginia Housing Market April 2019

Units Sold
2,378
Active Inventory
7,212
Median Sale Price
$241,250
Days On Market
57
No Change
Vs. Year Ago
Down -28%
Vs. Year Ago
Up 3%
Vs. Year Ago
Down -7%
Vs. Year Ago

Units Sold
There was an increase in total units sold in April, with 2,378 sold this month in Hampton Roads/Southeast Virginia Real Estate, an increase of 8%. This month's total units sold is similar compared to a year ago.

Active Inventory
Versus last year, the total number of homes available this month is lower by 2,842 units or 28%. The total number of active inventory this April was 7,212 compared to 10,054 in April 2018. This month's total of 7,212 is lower than the previous month's total supply of available inventory of 7,577, a decrease of 5%.

Median Sale Price
Last April, the median sale price for Hampton Roads/Southeast Virginia Homes was $233,950. This April, the median sale price was $241,250, an increase of 3% or $7,300 compared to last year. The current median sold price is 5% higher than in March.

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


New Listings
4,077
Current Contracts
3,455
Sold Vs. List Price
98.6%
Months of Supply
3.0
Up 3%
Vs. Year Ago
Up 34%
Vs. Year Ago
No Change
Vs. Year Ago
Down -29%
Vs. Year Ago

Months of Supply
In April, there was 3.0 months of supply available in Hampton Roads/Southeast Virginia, compared to 4.2 in April 2018. That is a decrease of 29% 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 4,077 homes newly listed for sale in Hampton Roads/Southeast Virginia compared to 3,944 in April 2018, an increase of 3%. There were 3,455 current contracts pending sale this April compared to 2,571 a year ago. The number of current contracts is 34% higher than last April.

Sale Price to List Price Ratio
In April, the average sale price in Hampton Roads/Southeast Virginia was 98.6% 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 57, lower than the average last year, which was 61, a decrease of 7%.

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.