Hampton Roads housing market due for a slowdown, says ODU

ODU real estate researchers said they see a slowdown in our future.

3 things happening to home buying

1. About 80% of Hampton Roads homes sold over their asking price last year. The median home price at the beginning of 2022 was $291,000 – it peaked in May at $328,797. Homes were flying off the proverbial shelves: at the beginning of the year, the median time for a house to stay on the market was 7 days. But in the second half of 2022, it took about 24 days to sell. “24 days is lightning quick,” said J. Van Rose, principal owner of Rose & Womble Realty. “But it didn’t feel like it after 7 days.”
2. When interest rates and inflation picked up in the second half of the year, buyers choked. The market is adjusting, but Rose said home buyers’ uncertainty after the interest rate hike is the key factor in watching home sales in 2023. “Buyers are frozen. Sellers are frozen,” said Rose.
3. After 2022’s skyrocketing home sales, Hampton Roads started this year with 300 more homes on the market than last January. Rose said although those homes are selling, rising inflation and interest rates may keep buyers hesitant. “We don’t know what’s gonna happen with interest rates. So it keeps that uncertainty out there,” said Rose.