Hampton Roads Market Numbers
- On the market now: 9124 units (4-2018)
- Resale: 8090 units
- New Construction: 1034 units
- Estimated Months to Absorb Resale Inventory: 4.57
- Estimated Months to Absorb Resale Inventory: 3.65
- Neutral is 5 Months. Greater than 5 months equal a seller’s market
Month Ending March 2018
- Number of Price Reductions: 2230
- Number Entered the Market: 4384
- Number Off the Market (Pending/Sold/Withdrawn): 3945
- Contracts Ratified: 2679
- Bank/REO/Government: (7.6%)
- Short Sale: 51 (1.9%)
- Resale: Detached=1801, Attached=480
- New Construction: Detached=209, Attached=117
Closings for Month of March 2018
- Total: 2254
- Resale Detached: 1545
- Resale Attached: 431
- New Construction Detached: 209
- New Construction Attached: 69
- Southside Resale Det $200-249K 2.99 months
- Southside NC Det $250-299K 2.16 months
Chesapeake Market Snapshot
- 359 Sales in March (Up 27% from February/ 5.2% 2017)
- Average Sales Price %288,035 (Up 7.3% over 2017)
- Median Days on Market: 32
- 48% of Homes Selling within 30 Days of List
- 1331 Total Active Residential Listings (Down 12%)
- 661 Currently Under Contract (Up 20% from February)
Suffolk Market Snapshot
- 92 Homes Sold February (Down 14.1% y/y)
- $271,827 Average Sales Price (Up 8.5% y/y)
- Median Days on Market: 26
- 37% of Homes Selling withing 30 Days of List
- 683 Total Active Residential Listings
- 199 Currently Under Contract (Up 15% from January)