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This is the area I live in, and he's not making this up.
A quick look around zillow confirms. There are tons of places with recent cuts. A lot more inventory and houses are sitting longer too.
I know zestimates are not typically accurate, but in Virginia Beach and the surrounding areas, the zestimate peaked in May and has been falling at a pretty fast rate ever since.
If so, I’m surprised to see so many cities/towns that have declined in price over the last 2 years. Some of the prices themselves seem really low too, although I know sometimes city prices can be skewed lower by some of the inner city areas.
In terms of the prior post re: Virginia Beach, I didn’t see Virginia Beach on this list, but did see a few other cities in Hampton Roads.
That Yahoo article is bull****. I’m in southwest FL and the prices are soaring in the last two years up 40% or more.
That's a nice house but who wants to spend that much for Virginia Beach?
Depends on the area of Virginia Beach. Some areas are even more expensive.
That would have gone to a bidding war 4 months ago. Anything in the 400k-800k range was being bought up in hours with an offer 5-10% over asking or moving to a "bids due by Friday" situation.
Homes over 600k are now just sitting.
Slowdowns in the "high priced" range are usually the first sign of an overall slowdown in a seller's market.
Starting here in Virginia Beach now. No more bidding wars, lots of for sale signs, open houses with no or very low offers. Received hundreds of price reduction alerts on mls. New builds are showing up to 25k price drops.
Virginia Beach Tidewater Area doesn't have the greatest median household income growth or employment growth relative to other metro areas that are seeing faster real estate appreciation currently.
So many variables at play...I, too, remember just last month homes hitting the market at 800-900k and are gone within a day or two and the "multiple offers!" crapola. Now DOM is a bit longer - some may wait it out and keep their price, others may drop. I think that the increase in value was stratospheric to be sure and I always believe in market correction. Doesn't make it a bubble crash, though. I don't think our home will go below 700k unless barring a recession. That ship has sailed. There will be a new surge of Californians/Coloradoans/Northeasterners/you name it, flush with cash and willing to pay what needs to be paid to get a ncie sized home on a nice sized lot.
The price point 400-500k and below, however, aren't seeing many price drops.
The 'affordable' price point 400k and below are still seeing bidding wars and 'multiple offers!'....because local buyers want to buy homes.
New construction is more costly to build in my rural township due to very hilly topography and limestone, lots of rocky soils around. That, and the lack of city sewer and sidewalks in the township keeps many of the city people that want suburban amenities out. However, due to WFH that is putting much greater upward pressure on prices, as this area is still easily commutable to the city within a 30-35 minute drive.
Virginia Beach Tidewater Area doesn't have the greatest median household income growth or employment growth relative to other metro areas that are seeing faster real estate appreciation currently.
It's a mixed bag here. Some cities are great, while others are some of the worst in the country. Hampton Roads is like a lottery: Many will enter, few will win.
A lot of people in the cities of Portsmouth, Suffolk, Norfolk, Hampton, and Newport News are trying to do everything they can to get out of those sinking ships. These places constantly on "do not move here" and "worst cities in the US" lists. I believe Portsmouth has one of, if not the highest, foreclosure rate in the entire country. These cities really drag Hampton Roads down.
DOM are probably going up a bit but generally prices seem to be relatively stable at the stratospheric level though I’m seeing a few small price adjustments. A developer flip house just up the street has arrived on market at over $1000/ft which is new territory around here and a sneeze away from being a tear-down cottage just went $250k over asking at $1M+ a few blocks away.
We had a house in our town built for $40 million (actually it is still not completed). It went on the market for $29 million. Then they lowered it to $14 million, Then to 9, 7, and finally sold it for 3.9
So that woudl indicate the price of houses is falling massively right?
Generally no. Prices are still going up around here. Just not for incomplete $40 million homes wth taxes of $90,000 a year.
It's a mixed bag here. Some cities are great, while others are some of the worst in the country. Hampton Roads is like a lottery: Many will enter, few will win.
A lot of people in the cities of Portsmouth, Suffolk, Norfolk, Hampton, and Newport News are trying to do everything they can to get out of those sinking ships. These places constantly on "do not move here" and "worst cities in the US" lists. I believe Portsmouth has one of, if not the highest, foreclosure rate in the entire country. These cities really drag Hampton Roads down.
Those cities are all ghetto AF. No one wants to put their money into sh#tty communities. Chesapeake, Virginia Beach, and Yorktown are the nice places here and you have to pay through the nose because of that.
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