Virginia’s Eastern Shore saw a shortage of homes for sale in August 2019, according to the Long & Foster Real Estate Market Minute Report. Both Northampton and Accomack counties exhibited a 15% dip in inventory compared to August 2018.
Virginia’s Eastern Shore reported varied results for median sales price and units sold in August. Sale prices rose by 4% in Northampton County, but declined by 2% in Accomack County. Units sold grew by 17% in Accomack County, while Northampton County experienced a 29% drop.
In looking toward fall, Gary Scott, president of Long & Foster Real Estate, expects a solid market, despite inventory challenges. “We’re experiencing incredibly low interest rates, a healthy rate of home price appreciation, full employment, a rising stock market and a large segment of millennials who desire homeownership and will try to achieve it,” Scott said.
He also talked further about mortgage rates, which are having an effect on the overall market since they remain the lowest they have been in a few years. “Many people who are thinking about buying now are doing so because rates are so low,” said Scott. “About 80% of mortgages in the United States have interest rates less than 5%. If the magic refinance number is 1% less than your current rate, the buy-now (and refi-now) trend will continue for a while.”