The strong Virginia Peninsula economy slowed somewhat at the end of 2018, with job growth fueled primarily by the relatively lower-wage Accommodation & Food Services and Administrative & Building Support Services sectors.
Interest rates are even lower now than they were at the beginning of the year, and there is no indication of significant increases in the months to come.
Housing Market Conditions
Home sales continue to increase in the Virginia Peninsula region and were up 5% in the 2nd quarter compared to last year. Hampton led all jurisdictions in sales growth, with 73 more sales than a year ago, representing a 13% gain.
After moderating during the start of the year, home prices in the region are back on the rise, continuing a trend that has been relatively consistent for more than two years. At $212,000 the median sales price in the Virginia Peninsula footprint is $12,000 higher than last year, a 6% increase.
Overall, the inventory of active listings is expanding slowly; however, the growth is only occurring in York and Isle of Wight Counties. The number of active listings in other jurisdictions in the region continues to shrink, which is having an impact on pricing in some local markets.
View the full Report Here: VPAR 2019-Q2 Housing Market Report