Hampton Roads Market Continues to Improve

The Hampton Roads housing market continues to show signs of recovery with the latest numbers from our June 2015 housing report. Here are some of the highlights:

Hampton Roads

  • Over 2500 homes were sold in June 2015, this is up 19% over June 2014.
  • The rate of homes for sale in Hampton Roads was flat year-over year but their was an increase in sales year-over-year. This is because their are more buyers seeking homes in the market.
  • Over 11,000 homes sold in the first six months of 2015.
  • The Absorption Rate in Hampton Roads fell 12.8% month-over-month to 6 months on the market. This is a balance between sellers and buyers, but it is a full month lower than a year ago.

Nationally

  • Homes sales were up 9.6% above a year ago
  • Sales are at the highest pace since February 2007
  • Sales have increased year-over-year for nine consecutive months
  • Median sales price for existing homes in June 2015 was $230,000, 6.5% above June 2014 and it surpasses peak median sales price set in July 2006.
  • The sales price increase is the 40th consecutive month of year-over-year growth

Now is the time to consider listing your home for sale – buyers are eager to purchase before mortgage rate increases but a lack of inventory is causing more delays. If you need help finding a REALTORĀ® you can contact our Relocation department.

July Hampton Roads Real Estate Housing Report