Median sale prices rose throughout the Virginia Eastern Shore region’s real estate market in August, according to the Long & Foster Market Minute reports. The Virginia Eastern Shore region includes Accomack and Northampton counties.
In Northampton County, the median sale price increased by 16 percent in August, followed by Accomack County, where it rose by 5 percent. The number of homes sold declined throughout the region, falling by 18 percent in Accomack County and by 5 percent in Northampton County.
The entire Virginia Eastern Shore experienced a decline in active inventory last month. In Northampton County, inventory dropped by 29 percent, while it fell by 14 percent in Accomack County. Days on market averages in the region ranged from 162 days in Accomack County to 224 days in Northampton County.
“While inventory is starting to improve nationwide and rising sale prices are slowing down, it’s still a sellers’ market, which means buyers need to be prepared,” said Gary Scott, president of Long & Foster Real Estate. “The need for a real estate professional is heightened more than ever.”
Although spring is traditionally seen as the best time of the year to buy or sell property, consumers shouldn’t let seasonality dictate behavior, Scott said.
“As mortgage rates continue to be attractive, it’s still a good time to sell,” Scott said. “And if you’re buying, don’t take yourself out of the market – you never know when the right property will come along.”
Scott said buyers in this market need to do three things: watch prices in the neighborhood where you plan to buy, watch for inventory coming on the market, and be pre-approved for a mortgage and ready to make an offer.
The Long & Foster Market Minute is an overview of market statistics based on residential real estate transactions for more than 500 local areas and neighborhoods and over 100 counties in eight states. The easy-to-read, easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, list to sold price ratio, days on market and more.
Information included in this report is based on data supplied by Eastern Shore of Virginia Association of Realtors multiple listing services and their member associations of Realtors, which are not responsible for its accuracy. The reports include residential real estate transactions within specific geographic regions, not just Long & Foster sales, and they do not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of ESAOR or Long & Foster Real Estate.