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Hampton Roads Market Report July 2014 – A Tale Of Seven Cities

It is often said that real estate is “local” and this market report shows such.  Simply, this means some areas of the country or cities do better than others in comparison.  market report

Hampton Roads is no exception.  The Real Estate Information Network (REIN)  market report and statistics for the greater Hampton Roads area.  It shows varies ups and downs within the 7 cities.  Read the entire market report:

(Virginia Beach, Virginia – August 2014)
Looking at the Hampton Roads real estate market report as a region, the statistics are predominately positive in nature, yet still somewhat underwhelming. We are experiencing a “good” real estate market in Hampton Roads; better than last year, and the year before that.

The compelling story for July is less about the region as a whole, and more about the individual cities that comprise it.
Residential active listings increased 10.83% when compared to July 2013. Of the region’s seven major cities (Chesapeake, Hampton, Newport News, Norfolk, Portsmouth, Suffolk, Virginia Beach) all but Portsmouth experienced a year-over-year increase in the number of homes for sale. Chesapeake and Norfolk saw the largest spikes at 18% and 15.37% respectively, while Portsmouth’s residential listings
declined by 2.97%.

The region’s months’ supply of inventory for residential homes for sa le is currently 7.14 months, up 8.84% from July 2013. Virginia Beach currently maintains only 5.66 months’ supply of inventory, the lowest in the region, while Suffolk sports the highest at 8.10 months. Six months is considered a “balanced” market.

July’s residential pending sales for the region rose 11.98% from the prior year, with Newport News and Suffolk contributing the greatest increases of 47.58% and 25% respectively. Norfolk was the only regional major city to see a reduction in the number of pending sales, down 4% compared to the same month last year.

The median sales price for July 2014 is $219,900, down less than 1% from the previous year. Of the region’s major cities, Chesapeake boasts the highest median sales price at $255,000, while Portsmouth has the most affordable median price at $140,000.

Distressed homes, those that are either short sales or foreclosures, continue to have less significance on the region’s market. During July 2014, distressed homes accounted for just 17.15% of all residential active listings, which is down 4.88% from the same period of time last year, and marks the seventh consecutive month they’ve declined. July’s distressed homes accounted for only 19.32% of all residential settled sales, a decrease of 1.21% from July 2013. This is the lowest percentage of distressed vs. total residential sales since November 2009, when it was 17.57%. Distressed sales in Hampton Roads peaked in March 2011 when they comprised 42.8% of residential sales.

Need more information on the Virginia Beach and Hampton Roads “market report”?  Contact us here for a detailed market report for the neighborhood or city you are considering for buying or selling.

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