HAMPTON ROADS – Home sales in the area went up in November, Long & Foster Real Estate reports.
Hampton saw the largest median sale price increases as homes there rose by 12%.
Newport News had the number of homes sold jump by 21% and Virginia Beach saw a 2% increase in the number sold, Long & Foster reports.
Active inventory continued to fall in the region, with declines ranging from 30% in Newport News City to 43% in Chesapeake City.
“Throughout the country, declining inventory has been the trend for the past 36 months, and the real crunch is at the lower end of the market,” said Gary Scott, president of Long & Foster Real Estate. “In many markets, that steady lack of available homes has brought home sales down with it in recent months, including in the Richmond market. The bright spot is that interest rates are at a low and there are still opportunities to invest.”
Sellers should pay close attention to the sale price of comparable properties nearby as opposed to the price of properties listed for sale, Scott said.
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