A good article that appeared in today’s Daily Press, January 17th, shows that existing homes on the peninsula were higher in 2017 then in 2016. Each city is given its own statistics.
“Home sales grew 2.9 percent in Hampton, 4.1 percent in Newport News, 4.4 percent in York County, 15 percent in Poquoson, 3.5 percent in Gloucester and 8.9 percent in Williamsburg from 2016 to 2017, according to the report. Home sales in Isle of Wight and Smithfield grew 3.4 percent.”
Besides the increase in sales, what is also good for the home seller is that the median sales price has risen as well.
“The median sales price of existing homes increased 3.7 percent from $190,000 in 2016 to $197,075 in 2017.”
The problem that real estate agents face, including myself, is that housing inventory is low. However it is my prediction that will rising home prices, home owners that were waiting for home prices to increase following the real estate bubble collapse of 2008, are now motivated to list their homes.
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