Virginia Beach Real Estate: Portsmouth Market Report June 2008

Portsmouth June 2008 Sales Statistics Residential sales in Portsmouth dropped by 26 percent in June compared to June 2007, causing the average market time to increase 12 percent, from 68 days to 76 days. The median sales price decreased 7 percent, while the average sale price decreased 5 percent to $253,847. Portsmouth Sold Listings Median Price Average Sale Price Average Days On Market June 2008 92 $183,300 $189,746 77 June 2007 135 $174,900 $200,086 61 What do these statistics mean for Portsmouth and Virginia Beach real estate? It remains an excellent market for first time home buyers to get their feet wet. Market times have increased and prices have decreased, making sellers more negotiable. Modest near-term movement is expected in Virginia Beach real estate sales, with a recovery in sales seen during the second half of... [read full story]