Peninsula Home Sales Surge, Outpacing the Statewide Upturn
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.