Housing Market Overview
The Virginia Peninsula housing market continued to have strong growth while other markets in Virginia have been slowing down recently. Sales activity was up from a year ago, and prices continued to climb, which drove up the sold dollar volume in the region to the highest level in more than five years. Homes sold faster than last year, and supply in the market continued to get smaller, though the rate of decline has moderated.
Housing Market Conditions
• There were 2,519 sales in the Virginia Peninsula market during the third quarter, 13% more sales than a year ago.
• Home prices continued to climb in the Virginia Peninsula footprint. The third quarter median sales price was $252,000, which is 5% higher than a year ago, a gain of $13,000.
• Supply in the region’s housing market continued to be tight. There were 1,352 active listings on the market across the Virginia Peninsula area at the end of the third quarter, 86 fewer listings than a year ago, which is a 6% reduction.
Read The Full Report Here….Virginia Peninsula 2021-Q3 Housing-Market-Report