• Ryan Boyce

Coastal Virginia - Homes Sales Report - November 2018


Coastal Virginia Real Estate Market Update November 2018

November 2018 The booming U.S. economy continues to prop up home sales and new listings in much of the nation, although housing affordability remains a concern. Historically, housing is still relatively affordable. Although Freddie Mac recently reported that the 30-year fixed rate is at its highest average in seven years, reaching 4.94 percent, average rates were 5.97 percent ten years ago, 6.78 percent 20 years ago and 10.39 percent 30 years ago. Nevertheless, affordability concerns are causing a slowdown in home price growth in some markets, while price reductions are becoming more common.


New Listings decreased 3.2 percent for Residential Detached homes and 0.2 percent for Residential Attached homes. Pending Sales increased 4.6 percent for Residential Detached homes and 7.6 percent for Residential Attached homes. Inventory decreased 7.9 percent for Residential Detached homes and 13.3 percent for Residential Attached homes.


Median Sales Price increased 2.4 percent to $254,000 for Residential Detached homes and 3.5 percent to $190,000 for Residential Attached homes. Days on Market decreased 6.5 percent for Residential Detached homes and 30.2 percent for Residential Attached homes.


Months Supply of Inventory decreased 11.1 percent for Residential Detached homes and 18.6 percent for Residential Attached homes. The Bureau of Labor Statistics recently reported that the national unemployment rate was at 3.7 percent. Low unemployment has helped the housing industry during this extensive period of U.S. economic prosperity. Home buying and selling activity relies on gainful employment. It also relies on demand, and builders are showing caution by breaking ground on fewer single-family home construction projects in the face of rising mortgage rates and fewer showings.


Search for homes in Coastal Virginia (Click Here)









  • Facebook - White Circle
  • Instagram - White Circle
  • Pinterest - White Circle
  • Google+ - White Circle
  • YouTube - White Circle

©2019 Boyce Real  Estate Group

Thank You For Coming By, Please Reach Out To Say Hello 
Have Mortgage Questions?  
Do you want to see how much you qualify for?
Click below to contact Marylee Dixon
Marylee Website Banner.png

Marylee Dixon

Senior Mortgage Loan Originator

Phone: 757-478-3718

Fax: 1.888.635.6609

Email: Marylee@ovmfinancial.com

NMLS#1026013, #MLO-216415VA, #NC-I-160053

816 Greenbrier Circle, Ste 207 Chesapeake, VA 23320

Apply Now button (quickstart)-01 (1).png