U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Virginia > Hampton Roads area
 [Register]
Hampton Roads area Chesapeake - Hampton - Newport News - Norfolk - Portsmouth - Suffolk - Virginia Beach
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 08-28-2018, 04:01 PM
 
958 posts, read 1,373,108 times
Reputation: 638

Advertisements

Lord knows there's plenty of new housing being built in VB, so I wonder if the abundance of availability in VB is drawing more people south?

I wonder how the VB market is doing as well. My mother sold her house in Strawbridge a few months ago in 4 days, but the house across the street from us has been on the market for a few months already (and does not appear to be egregiously overpriced). But one just down the street went under contract last month before they even put up a for sale sign.
Reply With Quote Quick reply to this message

 
Old 10-17-2018, 08:55 AM
 
Location: Williamsburg
1,154 posts, read 3,348,229 times
Reputation: 361
From REIN

For months, the local real estate market in Hampton Roads had defied national trends, with sales remaining strong despite low inventory. But the tide may be turning. Septemberís residential pending sales are down year-over-year for the first time in 52 months, and settled sales are down for the first time in 12 months. Active listings continue to decline year-over-year for the 38th consecutive month. On the positive, the regionís residential median sales price persists with a year-over-year increase, as it has done for 49 months in a row.

In September 2018, residential active listings for the region were down 8.16% year-over-year with 9,688 available homes, down from 10,549 during the same period of time in 2017. Each of the regionís seven major cities (Norfolk, Virginia Beach, Portsmouth, Chesapeake, Suffolk, Hampton and Newport News) experienced decreased inventory, except for Newport News which was up 3.57% year-over-year. Portsmouth and Norfolk registered the largest declines at 17.41% and 12.94% respectively. For the month, 3,144 new listings were added to the MLS database, which is 11.29% less than the 3,544 new listings added in September 2017.

Septemberís supply of residential home inventory in the region is currently 4.17 months, down 13.31% from the same period of time last year. This marks the 41st consecutive time that the monthsí supply of inventory has declined year-over-year, a trend that started in May 2015. All seven of the regionís major cities currently maintain inventories below 5 months, suggesting a continued sellerís market.

Though only a modest fall of .29%, residential pending sales experienced a year-over-year decline for the first time in over four years (since May 2014). In September 2018, just 2,080 homes went under contract vs. 2,086 the previous September. Of the areaís major cities, four recorded year-over-year decreases Ė Hampton (-11.73%), Virginia Beach (-7.72%), Chesapeake (-6.95%), and Newport News (-2.30%). The only city to significantly buck this trend was Suffolk, which was up 33.93% year-over-year for September.

Similarly, residential settled sales experienced the first year-over-year decline in one year (since September 2017). The regionís sales fell 5.80% in September 2018. Among the major cities, all underwent year-over-year declines except for Norfolk and Suffolk, up 7.50% and .71%. Hampton and Virginia Beach recorded the most prominent declines at 14.94% and 13.60%. respectively. Looking at third quarter 2018 vs. 2017, settled sales rose 5.61% year-over-year during the period of July-September.

The median sales price continues to be a bright spot among a changing real estate market. In September 2018, the regionís residential median sales price rose 1.73% year-over-year to $235,000. This is the 49th consecutive month that the median sales price has risen year-over-year (since August 2014). Hampton and Portsmouth were the only major cities to experience declines at 7.16% and .37% respectively. All others rose between .58% to 7.14%
Reply With Quote Quick reply to this message
 
Old 10-23-2018, 07:11 AM
 
Location: Norfolk, VA
5,581 posts, read 5,387,603 times
Reputation: 3028
Someone needs to drop prices in Norfolk. It is overpriced and it just continues to go up; especially for renters.
Reply With Quote Quick reply to this message
 
Old 10-24-2018, 09:54 AM
 
Location: Williamsburg Va.
95 posts, read 141,861 times
Reputation: 121
Our house that we bought in 2006 here in Williamsburg was recently appaised at about $80,000 LESS than what we paid for it. So much for appreciation.
Reply With Quote Quick reply to this message
 
Old 10-25-2018, 08:17 AM
 
585 posts, read 448,954 times
Reputation: 783
Quote:
Originally Posted by runzwithsizorz View Post
Our house that we bought in 2006 here in Williamsburg was recently appaised at about $80,000 LESS than what we paid for it. So much for appreciation.
2006, are you surprised? Housing was way overvalued and overpriced back then.
Reply With Quote Quick reply to this message
 
Old 11-01-2018, 07:52 AM
 
Location: Williamsburg
1,154 posts, read 3,348,229 times
Reputation: 361
No one is saying prices are back to pre-recession levels. But we are seeing a steady trend upwards since 2010 .
Reply With Quote Quick reply to this message
 
Old 11-02-2018, 08:27 PM
 
1,040 posts, read 759,974 times
Reputation: 1646
Quote:
Originally Posted by Mr Williamsburg View Post
No one is saying prices are back to pre-recession levels. But we are seeing a steady trend upwards since 2010 .
Realtors are always behind 3-4 months because they rely on stale data.

We started to see a huge slowdown in home sales a few months back. Now we're starting to see the prices fall.

I know how much Realtors love zEstimates, but just check any neighborhood on the peninsula. Most neighborhoods have seen a 1-2% drop in the past 30 days.

Also check the listings. It's price cut after price cut.
Reply With Quote Quick reply to this message
 
Old 11-03-2018, 08:05 AM
 
Location: Williamsburg, VA
1,760 posts, read 798,218 times
Reputation: 3639
Quote:
Originally Posted by Lockdev View Post
Realtors are always behind 3-4 months because they rely on stale data.
Doubtful, since they won't make a dime unless they help clients buy or sell their houses. Which means their livelihood literally depends on knowing current data.


Quote:
Originally Posted by Lockdev View Post
We started to see a huge slowdown in home sales a few months back. Now we're starting to see the prices fall.

Well, of course. It's November and you're heading into the slowest time of the year. Local families represent the highest number of buyers, and they don't buy houses during the school year. The holiday season and weather also make this a slow time unless there is an influx of people moving in from another city who have to buy a house in late fall/winter. If no new workers are moving in right now, you're not going to see high home sales after the school year starts. The dropping prices that you see are on the houses that didn't sell during the summer season and the sellers are now resorting to price drops because they need to get the house sold and move on. The inventory will then clear out, and in February, when the spring selling season starts to ramp up, there will be a new set of inventory and prices will go back up. This year, the rising interest rates also played a factor. But that's a temporary thing, too, in my observation. By spring buyers will decide they want a house one way or the other, even if rates did go up.



Quote:
Originally Posted by Lockdev View Post

I know how much Realtors love zEstimates, but just check any neighborhood on the peninsula. Most neighborhoods have seen a 1-2% drop in the past 30 days.

Do you read the Real Estate Forum? I'm a regular there and have never seen you post there. At any rate, if you're a regular reader you know that the exact opposite is true. Realtors on that forum post about Zillow and Zestimates quite a bit; they don't like them.
Reply With Quote Quick reply to this message
 
Old 11-04-2018, 10:36 AM
 
1,040 posts, read 759,974 times
Reputation: 1646
Quote:
Originally Posted by Piney Creek View Post
Do you read the Real Estate Forum? I'm a regular there and have never seen you post there. At any rate, if you're a regular reader you know that the exact opposite is true. Realtors on that forum post about Zillow and Zestimates quite a bit; they don't like them.
I was being sarcastic. Realtors hate Zillow and zEstimates because they don't like transparency or competition. Zillow has been trying to replace Realtors like Uber replaced taxis.
Reply With Quote Quick reply to this message
 
Old 11-04-2018, 05:03 PM
 
Location: Williamsburg, VA
1,760 posts, read 798,218 times
Reputation: 3639
Quote:
Originally Posted by Lockdev View Post
I was being sarcastic. Realtors hate Zillow and zEstimates because they don't like transparency or competition. Zillow has been trying to replace Realtors like Uber replaced taxis.

That's one reason. A bigger one is Zillow is off wrong, sometimes by a huge amount. It gives unrealistic ideas of what a home might be worth. I've seen this happen in my own family. My brother has a house in Fairfax County that Zillow claims is worth more than $1 million. It's driving his realtor crazy because he won't listen to reason as far as what a reasonable price would be (more like $650K). He refuses to go that low because Zillow made him think it was worth a lot more, and in the meantime he wonders why it's taking so long to sell his house.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2016 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Virginia > Hampton Roads area
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top