Hampton Roads #4 on "Sickest housing markets in America" list! (Virginia Beach: sales, real estate)

[2up2dwn]

Came across this article. It says we're number 4 on the "Sickest Housing Markets in America" list.

Is the housing market in Hampton Roads THAT bad?

[The Dissenter]

Originally Posted by 2up2dwn

Came across this article. It says we're number 4 on the "Sickest Housing Markets in America" list.

Is the housing market in Hampton Roads THAT bad?

It is likely a byproduct of the big pre-2005 jump in home prices. Housing prices should have never jumped as much as they did in HR when you consider the wage scale there. People simply can't afford to buy in HR with the type of jobs there. Basically what HR is seeing is a correction that will be painful but hopefully puts more people in position to buy.

[Coconut1]

Actually, yes.

This explains a lot of it:

but a disconnect between potential buyer incomes and housing prices in the Virginia Beach area seems to still exist. The metropolitan area has a median list price that is almost 25% higher than the national average, while median incomes there are only about 13% higher than the national median

I have seen some home prices come down but there is still a major glut of overpriced homes.

[UHgrad]

Originally Posted by 2up2dwn

Came across this article. It says we're number 4 on the "Sickest Housing Markets in America" list.

Is the housing market in Hampton Roads THAT bad?

It would be very interesting to see if Military housing allowance is considered in these calculations for median income. There are a lot of folks around here with a tax free $1500+ a month to spend on housing that can skew those numbers quite a bit depending on how they are accounted for. We are also a coastal community which tends add a premium to real estate costs.

That said, housing basically doubled locally from about 1999 to 2005 (as the Dissenter alluded to), so it certainly could stand to come down a bit more in order to come in line with the historical averages.

[coastalbum]

I am hoping they come down so I can move back and afford something. Here in Charleston it is the same thing ...People still trying to sell houses for way too much. Housing is continue to fall, and has not bottomed out yet....

[citydweller]

Well, according to this article, the median price of homes sold in June in South Hampton Roads jumped 12.6 percent from the same month last year – the biggest annual increase in at least four years, according to a report released Thursday.

[blueice6102]

its terrible, you dont get any bang for your buck. better to go further south.

[rtandc]

We haven't even seen the worst of the housing market crash yet.... Sales are still flat even with unheard of low interest rates.... When the rates do increase we will see another major hit.

[Randomdude]

They still havent came remotely close to my ballpark.

[Coconut1]

Jennifer, my dear, spamming the forum with your website is not cool.