Appendix | 189
For-Sale Residential Market Trends
The Hampton Roads housing market has been slow to recover from the
recession. After a rapid rise in median existing single-family home
prices in the early 2000s, the market hit a bottom in 2012 and only
began to see meaningful gains in 2013. The volume of total home sales
remained stagnant from 2008 through 2011, averaging 17,500 annual
and 14% from 2012 to 2013. New home sales as a percentage of total
sales has steadily declined since 2004 from 34% to 15%. Both sales
pace and median price show clear increases from 2012 and indicate
growth and recovery in the new for-sale housing market.
sales. The number of total sales rose nearly 10% from 2011 to 2012
35%
40%
30 000
35,000
$300,000
PROJECTED
Median Existing Single-Family Home Price
Virginia Beach-Norfolk-Newport News, VA-NC MSA; 1990-2020
New and Resale Homes by Year
Hampton Roads Areal 2000-2013
20%
25%
30%
20,000
25,000
,
$150 000
$200,000
$250,000
5%
10%
15%
5,000
10,000
15,000
$50,000
$100,000
,
0%
0
2000 2002 2004 2006 2008 2010 2012
Resales
New Sales
% New
$0
Dominion Boulevard | City of Chesapeake | April 11, 2014 | E4-11982.40
44
Source: Moody’s Analytics
Source: Moody’s Analytics
