New and Resale Homes in Hampton Roads
The resale market, as reflected by average sales price, did not
suffer as significantly as the new home market during the
downturn, likely as a result of the lower prices, and the lower
run-up in prices from 2003-2006. At the height of the pre-
recession years new home prices averaged $400 000 and
70%
80%
% New Home Sales by Product Type
Hampton Roads Area; 2000-2013
,
,
resale home prices averaged $220,000. The bottoming of the
market occurred in 2011 through 2012, at which point new home
prices dropped to $300,000 and resales dropped to $180,000.
New home prices have picked up slightly in 2013, and are likely
to continue to rise.
10%
20%
30%
40%
50%
60%
The majority of the product sold in the market is for single-family
detached product.
0%
Detached
Multistory
Multiplex
Townhouse/Duplex
Source: Residential DataBank (2000-2011), ODU(2012-2013)
Average Sale Price
Hampton Roads Area; 2000-2013
$300,000
$350,000
$400,000
$450,000
$100,000
$150,000
$200,000
$250,000
$0
$50,000
2000
2002
2004
2006
2008
2010
2012
Resales
New Sales
Dominion Boulevard | City of Chesapeake | April 11, 2014 | E4-11982.40
46
Source: Rose and Womble (2000-2011), ODU (2012-2013)
