Virginia Beach Real Estate

Hampton Roads & Virginia Beach real estate market to remain steady.

The volume of existing-home sales is expected to hold steady through late spring, with a gradual recovery during the second half of the year as the mortgage situation improves in high-cost areas, according to the latest forecast by the National Association of Realtors®. 

Lawrence Yun, NAR chief economist, said many buyers have been waiting for higher mortgage loan limits.  "The higher loan limits for both FHA and conventional loans will increase consumer choice and provide greater access to lower interest rate mortgages in high-cost regions," he said.  "Therefore, a notable rise in home sales can be anticipated in the second half of the year."

Let's take a look at the sales statistics for our Hampton Roads cities in February 2008 to determine if the market is holding steady locally:

Virginia Beach real estate (residential) sales dropped by 4 percent in February compared to February 2007, causing the average market time to increase 17 percent, from 65 days to 76 days. The median price decreased 4 percent, while the average sale price remained relatively unchanged at $304,539.

Chesapeake real estate (residential) sales also decreased in February by 25 percent, with market times increasing 27 percent. The median price increased 8 percent, and the average sales price increased less than 1 percent to $291,549. 

Norfolk real estate experienced a 31 percent decline in sales. Market times decreased 6 percent. The median price increased 2 percent to $205,500, while the average sales price decreased 11 percent to $224,438. 

Portsmouth home sales also decreased by 20 percent, with market times increasing 40 percent compared to Feb 2007. The median price increased stayed the same at $160,000 and the average sales price declined 7 percent to $164,715.
 

Suffolk also experienced a decrease in sales of 25 percent compared to February 2007. Market times increased 16 percent, 74 days vs 86 days. The average sales price decreased in Suffolk to $292,475 or 10 percent. The median price also decreased by 10 percent to $255,000. 

Now is a GREAT time to be buying a home in Hampton Roads. To learn more about Virginia Beach real estate, please contact us at 866-222-0158 #550 or visit ButlerTeamHomes.com. To begin searching for southern Virginia homes, please use our complimentary MLS search. 

Interested in knowing what your home is worth? Visit HRHouseValue.com.
 

Statistics compiled from Real Estate Information Network. They are deemed reliable, but not guaranteed. 

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Comment from: Kyle French [Visitor] · http://single-track-agent.blogspot.com/

Good site-- I grew up going to Virginia Beach, and have some fond memories.  It sounds like your market is better than many.

Permalink Mar 19, 2008 @ 1:12 am

Comment from: Scott [Visitor] · http://homesfortmill.com

Let's hope those higher loan limits come sonner tha later.

Permalink Mar 20, 2008 @ 4:58 pm

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