Wednesday, October 4, 2023

Home Prices Rising In Hampton Roads

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According to the latest real estate stats released by Real Estate Information Network (REIN), the median sales price (MSP) of homes in the region is on the rise.

REIN reported that the MSP increased by nearly five percent from April to May of this year, and reached a record high of $335,000 for the region. The previous record, set in May 2022, is $328,773.

It was also announced that housing inventory remains tight as the summer selling season approaches. According to Jon McAchran of AtCoastal Realty, president of REIN’s board of directors, many homeowners who might otherwise consider selling their homes appear to be unwilling to do so at the moment because of higher home prices and higher mortgage rates.

“The local real estate market remains relatively strong,” McAchran said in a release. “Prices have been steady over the past few months, whereas a number of markets across the nation have seen their selling prices weaken.”

The lack of inventory continues to be the challenge for the industry locally, he said.

“Even with mortgage rates up and the price of homes higher, people are buying,” he said. “If there was more inventory, consumers might be more likely to find the home they need, regardless of the price.”

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