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

2011 R E S I D E N TIAL
dian of $301,900 in 2009. For 2010, only Chesapeake and Surry County experienced rising median sale prices for existing homes of
significance, 2% and 29% respectively. Only two other areas avoided drops in median sale prices, Virginia Beach and Isle of Wight
County. The median sale price in Virginia Beach was flat year-over-year at $230,000 and Isle of Wight County had a slight increase
of 0.4%, otherwise all of the local cities and counties had median price declines when compared to 2009. Portsmouth and Mathews
County experienced the largest declines in median sale prices of existing homes, 10% and 19% respectively.
The average number of days a home spent on the active market for sale, or market time, for existing homes that closed in 2010
in the Hampton Roads region was 87 days, the same as in 2009. This was the first year without an increase since 2004. The stabilizing
of this measure may signify a leveling and strength in the real estate market, but the statistic is susceptible to manipulation and
may not be truly indicative of the time it takes to sell a home. For instance, when the same measure is taken for all existing homes
that exit the active market (i.e. the home becomes no longer for sale due to closing, listing expiration, contract fall through, or the listing
is withdrawn from the active market) the average number of days on market was 128 for 2010, whereas it was 125 days for 2009,
much larger than the market time of only those homes that closed.
Detached homes accounted for 79% of all existing home closings in 2010, up 2% from 2009. The number of closings was down
7% for detached existing homes in 2010 when compared to 2009. The median sale price for detached homes in 2010 was $220,000,
down 2.2% from 2009’s measure. The Southside’s cities and counties comprised 72% of all the existing detached home closings in
2010. Virginia Beach had the highest percentage, 26%, for any single city or county for the Hampton Roads region.
Existing Homes Median Sale Prices
$350,000
$300,000
$250,000
$200,000
$150,000
$225,500
$230,000
$232,500
$213,750
$200,000
$198,350
$169,250
$155,000
$254,950
$256,000
$301,900
$295,000
$265,000
$215,000
$183,900
$172,250
$175,000
$164,900
$293,700
$270,000
$150,500
$135,000
$230,000
$214,800
$135,000
$173,500
$230,000
$230,000
$229,000
$215,500
$290,000
$279,000
$100,00
$50,000
$0
CHES
CURR
GLOC
HAMP
IWC
JCC
MATC
NNEW
NORF
POQ
2009 Median SP 2010 Median SP
PORT
SUFF
SURC
VBCH
WMBG
YORK
2011 RESIDENTIAL
63