Home prices still increasing
Inventory is low, but sales are strong
Hampton Roads home values continued trending upward from July 2019 through July 2020.
According to the latest available data from the Real Estate Information Network Inc., the Multiple Listing Service for the region, the median price of buying a home in Hampton Roads this July was $275,000 — a 7.84% increase from July 2019.
When looking at the region’s seven major cities — Chesapeake, Hampton, Newport News, Norfolk, Portsmouth, Suffolk and Virginia Beach — the median sales price of homes in Newport News increased by the highest percentage, from $198,450 to $230,000 in the 12-month period between July 2019 and July 2020, an increase of 15.9%.
Sales values increased the least in Chesapeake. The median sales price in the city rose from $309,640 in July 2019 to $320,000 this July, an increase of 3.35%. But the city does have the highest median sales price across the region.
Portsmouth had the lowest median sales price in Hampton Roads, with $192,500 in July, a 6.35% increase from July 2019, when the median sales price was $181,000.
“Seeing these types of numbers is fantastic, but we do have low inventory,” says Barry Nachman, president of REIN’s board of directors. “Anything that hits the market sells quickly. The market is great. It’s a good time to buy and sell.”