Virginia Beach and Hampton Roads Real Estate Prices Increase

filed under: Real Estate posted on April 21st, 2009

The Virginia Pilot reported that Virginia Beach and Hampton Roads real estate prices rose for the month of March 2009. Typically, the spring period brings out more buyers.

The median sale price in Hampton Roads in March was $214,000 up 7 percent from $200,000 in February. However, that is down 4.3 percent from median of $223,000 a year ago.

Increased Sales: As reported by the Real Estate Information Network, 799 homes sold in March, up 38percent from February. For the same period last year the increase was about 25 percent.

Average market time was 95 days up from 86 days a year ago.

Old Dominion University Economist James Koch predicts that real estate prices will remain stable through summer.

Driving the increase in sales:

$8000 tax credit for first time home buyers

Historical Low Interest Rates

Foreclosures

Short Sales

Military Movers Plus Program

posted by Dennis Blackmore

This entry was posted on Tuesday, April 21st, 2009 at 1:06 pm and is filed under Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.