The number of year-over-year homes sold continued to increase in Virginia’s Eastern Shore region, according to Long & Foster Real Estate’s Market Minute Report. Northampton County experienced a significant 67% jump, while Accomack County saw a 6% rise.
Median sale price varied in the region with a dramatic 41% jump in Accomack County while Northampton County exhibited a 2% decline. Active inventory continued its downward trend in both counties.
With the new stimulus package and the vaccine rollout, people are feeling more optimistic. We asked Long & Foster Real Estate president, Gary Scott, what impact he believes this optimism will have on the housing market. “As businesses open, the economy will pick up because more people will be working, which can only be a positive outcome for the housing market,” said Scott. “The stimulus will add energy to the economy and the vaccine will add confidence to consumer behavior, which will contribute to a continued strong real estate market in 2021. Sellers will feel more comfortable listing their home and buyers will feel more comfortable looking for a home.”
Scott commented that we currently have a unique combination of a super-sellers’ market, because of low inventory, and a great buyers’ market due to low interest rates. “Although interest rates have moved up slightly, it’s best to compare rates to the last 10 to 15 years, rather than the last 10 to 15 days,” said Scott. “It’s important to note that rates are still at or near historic lows and we’re confident the spring market will be strong.”
Even with many businesses and restaurants reopening, Scott does not anticipate people moving back into more urban areas. “More people are working remotely and want more space, so they don’t have to live near the city, where it’s usually higher-priced,” Scott explained. “Teleworking will play a role in future buying behavior patterns and I don’t believe it will ever go back to the way it was.”