According to the latest information from the Real Estate Information Network (REIN) Inc., February 2023 saw an increase in both house sale closures and pending house sales for the Hampton Roads region.
In addition, selling prices also increased in February, while active listings fell from January, though not by much.
“A lot of factors impact the real estate market, not just mortgage rates,” said Jon McAchran, president of the REIN Board of Directors, in a release. “While mortgage rates are important, having a good selection of homes for buyers to choose from is also extremely important.”
McAchran noted active listings were up 25 percent from February 2022, with 629 more homes on the market as options for potential buyers. While mortgage rates have increased, median sales prices across the region were up both month-over-month and year-over-year.
“For most consumers, buying makes more sense than renting, and when they need to buy, they’re willing to pay the right price for the right home,” McAchran said. “We expect 2023 to be similar to pre-pandemic years where inventory increases in the spring and summer, and, as long as buyers have inventory to choose from, they’re going to shop for homes.”
McAchran added that while mortgage rates might seem high compared to previous few years, houses in the Hampton Roads area remain affordable compared to other parts of Virginia.