Virginia Peninsula REALTORS® Home Sales Market Report – 1st Quarter 2019

 

 

 

 

 

 

 

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

READ THE FULL REPORT HERE!