December brought dips in home inventory and units sold, according to Long & Foster Real Estate’s Market Minute report. In Accomack County, the number of homes for sale dipped by 15%, followed by a 12% decline in Northampton County.  

Declines in the number of units sold were experienced across the region, with a decrease of 7% in Northampton County and 5% in Accomack County. Compared to a year ago, Northampton County saw a 28% decrease in median sale price while Accomack County remained unchanged.  

The Long & Foster Real Estate Market Minute report for Virginia’s Eastern Shore region includes Accomack and Northampton counties.

 

Low housing inventory was more challenged in December and, generally, will remain a challenge in 2020, according to Gary Scott, president of Long & Foster Real Estate. “The low inventory environment we are experiencing today is in part, caused by the population aging in place,” said Scott. “At some point in time in the near future, we predict aging in place will lead to selling at a robust pace for a 10-year period. When will that start? Probably not in 2020.”   

Scott noted that his 33 years in the real estate business suggests the spring real estate market begins each year on January 15. “With the holidays over, and the kids back in school, people traditionally begin to focus on selling or buying now,” said Scott.  “Although the shortage of inventory will cause the number of homes sold this year to be off, we expect good healthy appreciation for homeowners.” 

For those considering buying a home this year, Scott gave some insight on the pros and cons of buying versus renting. “Buying provides a sense of pride and stability, while renting provides flexibility,” said Scott. He added that buying a home builds equity and has tax advantages while renting keeps cash liquid. “There is no metric nor algorithm to determine if and when you should buy a home – it’s really about personal preference,” said Scott. “If you know you are going to be in living in your current location for at least two or more years, I recommend you buy a home.” 

To learn more about your local market conditions, visit Long & Foster’s Market Insights. You can also learn more about Long & Foster and find an agent at LongandFoster.com.