Is The Hampton Roads Real Estate Market Crashing?
What's Happening In The Hampton Roads Real Estate Market?
Here’s what we know…
Right now, the average list price is up from $320,604 last year to $335,894 this year. That’s a $15,000 increase year over year and a $4,000 increase month over month.
Second, the active amount of listings are down by 5%. This means that there are less homes for sale currently.
Third, There were 1,617 homes sold last month which is .12% increase from last year this time.
Lastly, according to market watch, rates for home loans fell to the lowest they’ve been in a year and look great at 4.35%. Foreclosure rates are also down year over year in Virginia
We’re NOT in a market crash, and now is the time to sell because:
- There are fewer homes on the market
- Interests rates are low
- Housing are selling for higher than ever
Take advantage of the market!