VIRGINIA BEACH, Va. (WAVY) – A new report from the Real Estate Information Network (REIN) shows that house prices have reached a record high in the area.
According to the new report, the median sales price (MSP) of homes sold in Hampton Road reached a record high of $335,000. This is a 5% increase from April to May of this year. The report shows the previous record high was set at $328,773 in May 2022.
Not only MSP’s rising, but the inventory when it comes to the number of houses on the market continues to remain tight. President of REIN’s Board of Directors Jon McAchran says due to high home prices and mortgage rates, many people who would usually consider selling their home are unwilling to do so.
“The local real estate market remains relatively strong,” McAchran said. “Prices have been
steady over the past few months, whereas a number of markets across the nation have seen their selling prices weaken.”
McAchran also said that there is not enough inventory and that if there was more available, potential buyers would be more likely to find a home that suits them regardless of the price.