Virginia Peninsula Realtors® Market Report Key Takeaways
Economic Conditions
- The Virginia Peninsula region has experienced robust job growth over the past year which has supported a strong housing market. However, the region’s economy remains somewhat vulnerable to actions taken by the Federal government, including budget cuts and shutdowns.
- Mortgage interest rates remains at historically low levels. Potential homebuyers and sellers should expect rates to remain low, at least through the spring and into the summer.
Housing Market Conditions
- Sales activity surged 17% in the Virginia Peninsula footprint compared to this time last year, the fastest sales growth in nearly 3 years.
- Home prices moderated somewhat, and the 1st quarter median sales price remained flat compared to last year.
- Homes continue to sell faster in the Virginia Peninsula market compared to a year ago, a reflection of a low inventory of homes on the market and continued buyer demand.
- After more than 2 years of shrinking inventory, the level of active listings has increased for 3 consecutive quarters in the Virginia Peninsula region compared to last year, evidence of changing market conditions that could possibly start to impact prices in the coming months
