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Old 08-12-2018, 08:36 AM
 
1,040 posts, read 759,974 times
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Been keeping an eye on real estate on the peninsula and have noticed that prices have been dropping over the past few months.

Things were going crazy there a few months back, but I'm noticing more and more houses are staying on the market and having price drops.

My neighborhood in York County has about 10 houses that have been all sitting for 3+ months, and just about each of them has dropped $50k+ off the price.

Not sure if it is greedy sellers/real estate agents going way too high, or the market finally becoming sane again.

Hopefully some of you that have been house-hunting will finally get a fair deal soon!
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Old 08-12-2018, 01:26 PM
 
Location: Northern VA (for now)
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Wonder if there has been a drop down in force at Eustis or Langley that put a clap into the demand. Or just maybe people finally realizing that the Peninsula is good to date but terrible to marry.
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Old 08-12-2018, 05:42 PM
 
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According to this article real estate in general is weakening.

https://www.marketwatch.com/story/ho...ays-2018-08-09
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Old 08-23-2018, 04:14 PM
 
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Quote:
Originally Posted by The Dissenter View Post
Wonder if there has been a drop down in force at Eustis or Langley that put a clap into the demand. Or just maybe people finally realizing that the Peninsula is good to date but terrible to marry.
My guess is this is playing a role. Most people I know, especially those with kids, are leaving that side of the water due to poor schools and crime.
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Old 08-24-2018, 08:13 AM
 
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Quote:
Originally Posted by Spazkat9696 View Post
My guess is this is playing a role. Most people I know, especially those with kids, are leaving that side of the water due to poor schools and crime.
I've seen this as well.

A family member of mine that has lived on the peninsula for 20 years just moved to Virginia Beach.

Newport News and Hampton are much like Norfolk though: Heads buried so deep in the sand that they will not acknowledge that there is a problem.
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Old 08-24-2018, 02:52 PM
 
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We have noticed price drops as well. Even a few in Williamsburg. Just curious, is crime a big factor? In looking at some of the crime logs it seems it is increasing in Newport News and Hampton. Doesn't look too bad in Williamsburg. We have family in the Richmond suburbs and they said there has been a significant increase in crime over the past year.
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Old 08-25-2018, 03:24 PM
 
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Quote:
Originally Posted by Patrick1973 View Post
We have noticed price drops as well. Even a few in Williamsburg. Just curious, is crime a big factor? In looking at some of the crime logs it seems it is increasing in Newport News and Hampton. Doesn't look too bad in Williamsburg. We have family in the Richmond suburbs and they said there has been a significant increase in crime over the past year.
I think crime is a factor. Schools are another factor. Not to mention that MOST of what you can do in Hampton/Newport News you can also do in York County/Williamsburg as well.

And while this isn't likely to happen in the next half decade or so, WHEN there is a major reduction in force at the shipyard, it's going to lower the demand in Hampton/Newport News even more.
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Old 08-26-2018, 03:06 AM
 
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According to The Real Estate Information Network Newport News had a 16.7% SURGE in home sales from June 2017-June 2018. The median sales price rose 18% in Hampton, 21% in Poquoson and 23% in York County, also between June 2017 and June 2018.

The REIN is not affiliated with any realtor associations, they just gather statistics, so these figures are not just hot air emanating from boastful real estate minions.

Keep it real folks.....

Last edited by Poquoson7; 08-26-2018 at 04:33 AM..
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Old 08-26-2018, 09:37 AM
 
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Quote:
Originally Posted by Poquoson7 View Post
According to The Real Estate Information Network Newport News had a 16.7% SURGE in home sales from June 2017-June 2018. The median sales price rose 18% in Hampton, 21% in Poquoson and 23% in York County, also between June 2017 and June 2018.

The REIN is not affiliated with any realtor associations, they just gather statistics, so these figures are not just hot air emanating from boastful real estate minions.

Keep it real folks.....
Post them from August when the time comes. You're going to see a dip.

Also, post links to credible sources, not "I just made these up" statistics.
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Old 08-26-2018, 10:54 AM
 
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Quote:
Originally Posted by Lockdev View Post
Post them from August when the time comes. You're going to see a dip.

Also, post links to credible sources, not "I just made these up" statistics.
I think the 12 month average is what’s making the stats reflect those numbers. Crime and Schools are a major issue for the peninsula and until the higher ups on the peninsula see and admit the issues things will keep getting worse.
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