The Long & Foster Market Minute

Focus On: Hampton Roads/Southeast Virginia Housing Market December 2022

Units Sold
1,788
Active Inventory
2,561
Median Sale Price
$308,500
Days On Market
32
Down
Vs. Year Ago
Down -7%
Vs. Year Ago
Up 6%
Vs. Year Ago
Up 23%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in December, with 1,788 sold this month in Hampton Roads/Southeast Virginia Real Estate. This month's total units sold was lower than at this time last year.

Active Inventory
Versus last year, the total number of homes available this month is lower by 204 units or 7%. The total number of active inventory this December was 2,561 compared to 2,765 in December 2021. This month's total of 2,561 is lower than the previous month's total supply of available inventory of 3,324, a decrease of 23%.

Median Sale Price
Last December, the median sale price for Hampton Roads/Southeast Virginia Homes was $290,000. This December, the median sale price was $308,500, an increase of 6% or $18,500 compared to last year. The current median sold price is 3% higher than in November.

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


New Listings
1,571
Current Contracts
1,847
Sold Vs. List Price
99.5%
Months of Supply
1.4
Down -22%
Vs. Year Ago
Down -19%
Vs. Year Ago
Down -1%
Vs. Year Ago
Up 51%
Vs. Year Ago

Months of Supply
In December, there was 1.4 months of supply available in Hampton Roads/Southeast Virginia, compared to 0.9 in December 2021. That is an increase of 51% 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 1,571 homes newly listed for sale in Hampton Roads/Southeast Virginia compared to 2,002 in December 2021, a decrease of 22%. There were 1,847 current contracts pending sale this December compared to 2,286 a year ago. The number of current contracts remained stable as compared to last December.

Sale Price to List Price Ratio
In December, the average sale price in Hampton Roads/Southeast Virginia was 99.5% of the average list price, which is 1.0% lower than at this time last year.

Days on Market
This month, the average number of days on market was 32, higher than the average last year, which was 26, an increase of 23%.

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.