Nationally, the country is back to 2003 prices. We are right after prices started to go through the roof.
Good news: it cost less to buy a house now than it did in 2003. Interest rates are about 2 points less. That saves you more than $200 a month.
So what about locally?
Where are we in Virginia Beach, Chesapeake, Norfolk, Portsmouth and beyond? According to REIN, we have slipped back to roughly 2005 prices, thanks to the Military. Average sales price was @ 210k in 2005. In 2009, 4 years later, average sales price is @ 218k, slightly more. However, sales have dropped significantly: 11,000 more homes sold in 2005 than 2009. Income, per household, has increased about nine thousand. So, nationally, sales prices are back to 2003. We are up 50%. From the peak, we are down about 30k, on average.
Locally, rates are still in the 4s, despite all the predictions. In fact, someone just refinanced their home at 3.75% for 15 years. LOCALLY the number of homes that sold up from 2008, the average is slightly down. But, interest rates more than balance it all out. So, real estate is still a good return on your investment in Hampton Roads.
Suzi Noyes, Realtor
5308 Indian River Road, Virginia Beach VA 23464
Licensed in VA