2011 Hampton Roads Real Estate Market Review - College of ...

The multi-plex condominium closing prices remained relatively unchanged in 2010 versus 2009. The average closing price
for a new multi-plex condominium was $229,325, up 0.13%. The majority of municipalities had increases in average closing
price with the largest percent increase occurring in York County, where the average price increased 8.2% to $336,490. York
County currently has the highest average closing price for multiplexes in Hampton Roads.
The largest percent decline occurred in Newport News, down 20.4%; however, only four closings were recorded which is
not a large enough data set to conclude an accurate overall average price. Chesapeake had the only significant decline in average
price for a multi-plex condominium. The average price was $210,398, down 2.7% from last year. The average price of a
new multi-plex condominium unit in Chesapeake has declined over the last five years primarily due to the availability of smaller
less expensive homes like The Dragas Companies is currently building in the Kempsville Road area.
The average closing price for a new construction townhome or duplex was $268,376 during 2010 in Hampton Roads. This
represents a slight increase of 1.3% year over year; however, only Norfolk and Virginia Beach saw increases in average closing
prices, with increases of 20.3% and 10% respectively. Newport News had the largest decline in average closing price, with a
drop of $28,522 (10.8%) from 2009. The current average closing price for a new construction townhome in Newport News is
$181,541.
In 2010, the City of Virginia Beach had the highest average closing price for a new townhome or duplex in Hampton
Roads at $338,092. The City of Portsmouth had the lowest average at $164,415.
GRAPH I
Hampton Roads Average Closing Price
New Single Family Detached
GRAPH II
Hampton Roads Average Closing Price
New Multi-Plex Condominium
$500,000
$300,000
$280,000
$450,000
$260,000
Price
$400,000
Price
$240,000
$350,000
$220,000
Price
$300,000
GRAPH III
$700,000
$600,000
$500,000
$400,000
$300,000
$200,000
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10
Hampton Roads Average Closing Price
New Multi-Story Condominium
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09 10 10 10
$200,000
GRAPH IV
1Q
$400,000
$375,000
$350,000
$325,000
$300,000
$275,000
$250,000
$225,000
$200,000
10
Price
2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q
06 06 06 06 07 07 07 07 08 08 08 4Q
08 1Q
09 2Q
09 3Q
09 4Q
09 1Q
10 2Q
10 3Q
10 4Q
10
Hampton Roads Average Closing Price
New Townhome/Duplex
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10
2011 Hampton Roads Real Estate Market Review
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