2017 Hampton Roads Real Estate Year End Recap
The Hampton Roads real estate market ended 2017 much as it subsisted all year long. Market statistics for December 2017 followed the same pattern as 9 of the past 12 months, with a year-over-year decline in active inventory, a healthy increase in pending sales, and a modest year-over-year rise in settled sales. For those other 3 months, inventory was down and pending sales up, just like the rest of the year, with the only difference being that settled sales were down year-over-year.
Overall, the region’s residential active listings were down 4.74% year-over-year for the month of December, with 8,676 available homes. Active inventory has declined year-over-year for 29 consecutive months. Of the region’s seven major cities (Norfolk, Virginia Beach, Portsmouth, Chesapeake, Suffolk, Hampton and Newport News) Norfolk and Newport News experienced the most significant dips in the number of homes for sale, down 16.99% and 10.25% respectively. Virginia Beach was the only major city to exhibit an increase in inventory, up a moderate 4.67% over December 2016. This is the fifth consecutive month that Virginia Beach’s inventory has risen year-over-year, with increases varying between 2.74% and 12.99%.
December 2017 Summary
|
All Categories |
December 2017 |
December 2016 |
Percent Change |
|
Total Property Active Listings |
10,735 |
11,447 |
-6.22% |
|
Total Residential Active Listings |
8,676 |
9,108 |
-4.74% |
|
Total Property Pending Sales |
1,903 |
1,705 |
11.61% |
|
Total Residential Pending Sales |
1,795 |
1,622 |
10.67% |
|
Total Property Sales |
2,238 |
2,234 |
0.18% |
|
Total Residential Sales |
2,154 |
2,121 |
1.56% |
|
Total Residential New Construction Sales |
314 |
367 |
-14.44% |
|
Median Residential Sales Price |
$230,000 |
$229,000 |
0.44% |
|
Months’ Supply of Inventory |
3.9 |
4.26 |
-8.45% |
Pss’t I’m a real estate agent
This website is authored by local resident and REALTOR, John Womeldorf. John is known around town as Mr. Williamsburg, for both his extensive knowledge of the Williamsburg/ Richmond/ Hampton Roads area and his expertise helping buyers and sellers in the local real estate market.
If you are a homeowner searching for someone innovative to sell your home I would love to share my thoughts on marketing. You can read some of the stories I have written about the homes I have sold here.
Additionally, I have helped hundreds of folks find their dream home/ community and would love to help you find yours in the Williamsburg, Yorktown, New Kent, VA Beach, Chesapeake, Suffolk, Isle of Wight, Poquoson and Richmond VA area.
Want to tell your home’s story? Or find your dream home/ neighborhood in the area Contact John “Mr. Williamsburg” Womeldorf at (757) 254-8136 or [email protected] and we’ll get you started.
I look forward to serving your real estate needs!
Best,
