The Virginia Eastern Shore region saw an increase in median sale prices and number of homes sold in February, according to Long & Foster Real Estate’s Market Minute report.
In Northampton County, the median sale price increased by a significant 57%, followed by Accomack County, where it rose by 12%. The number of homes sold also increased throughout the region, rising 20% in Accomack County and 13% in Northampton County.
The entire Virginia Eastern Shore experienced a decline in active inventory last month. In Northampton County, inventory dropped by 21%, while it fell by 14% in Accomack County.
“Like many people in the country, we’ve been actively monitoring the developments around the coronavirus,” said Gary Scott, president of Long & Foster Real Estate. “It’s a constantly changing situation and although the long-term impact is not yet known, we do know some short-term opportunities have arisen for buyers and sellers.”
Mortgage interest rates are now at an all-time low – almost 1% lower than they were a year ago, which can increase a consumer’s buying power significantly. “While inventory continues to remain a significant challenge, our sales units and sales volume are up significantly during the first two months of this year, which we attribute to our low interest rate environment,” said Scott.
Scott added that real estate remains a solid investment with proven appreciation over time. “Homes increase in value nearly 5% per year nationwide,” said Scott. “In times of stock market downturns, consumers and investors will often put their money into the purchase of real estate as a safe haven from the volatile swings of the stock market.”