In the Seven Cities (Virginia Beach, Chesapeake, Suffolk, Norfolk, Portsmouth, Hampton, Newport News) home sales for Newport News and Norfolk dropped quite a bit. Virginia Beach was the only city to show an increase in the number of available home sales. Because of the lack of available property for sale, now is a good time to consider selling your house.
The number of months supply of inventory is 4.36 months, which is down from the same time last year. Hampton Roads median sales price rose from $230,000 as compared to $225,000 in November of last year. The highest median sales price was $264,950 in Chesapeake, while the lowest was $158,000 in Portsmouth. The number of properties going under contract continued to be strong.
When an area has an available supply of 6 months housing for sale, it's usually considered a balanced market. Based on the lack of current inventory in South Hampton Roads and the Virginia Peninsula, at this time it would be considered a sellers market, and housing inventory is low.
More information can be obtained from The Real Estate Information Network. Read more here...
Cities | Median Residential |
|---|---|
| Norfolk | $207,160 |
| Virginia Beach | $258,000 |
| Portsmouth | $158,000 |
| Chesapeake | $264,950 |
| Suffolk | $246,211 |
| Hampton | $165,000 |
| Newport News | $179,900 |
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