Virginia Peninsula Home Sales Surge, Outpacing the Statewide Upturn
Regional home sales grew at a double-digit rate in Q3, the largest jump in over three years
Hampton, VA – (November 5, 2019) – According to the Virginia Peninsula REALTORS® Third Quarter Home Sales Report, prepared by Virginia REALTORS®, home sales in the Virginia Peninsula region have increased 13% in the Third Quarter over last year. This local rise in sales has outpaced the statewide increase of 11% over the Third Quarter of 2018.
The region had 211 more home sales in Q3-2019 compared to a year ago. The additional sales transactions occurred in all jurisdictions in the region, led by Newport News with 92 additional sales, a 15% jump from Q3-2018.
The Virginia Peninsula region’s Third Quarter median home sales price rose $8,000 from last year to $210,000, a 4% increase. This is slightly below the statewide median home sales price increase of 6% in September 2019 compared to a year prior.
The strong sales growth and rising home prices led to a $71 million surge to the total sold dollar volume this quarter in the Virginia Peninsula housing market. This is the largest sold volume gain for the region in more than three years. Sold volume growth occurred in all local markets in the Virginia Peninsula footprint.
Strong buyer demand is evident throughout the region. In Q3-2019, the inventory of active listings decreased by 13% compared to last year, and homes were on the market an average of seven days fewer than a year ago in the Virginia Peninsula region.
The regional economy continues to show positive signs, which should keep buyers active in the market. The Virginia Peninsula region’s unemployment rate continues to be low and is below the national level. In addition, interest rates continue to drop to historically low levels and are projected to remain low or decline even further in the coming months which should provide good financing options for qualified buyers who are interested in entering the housing market.
Click here to view the full Virginia Peninsula REALTORS® Third Quarter Sales Report.
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