Rise in Median Sale Price, Units Sold Across Virginia’s Eastern Shore in December

January 27, 2021
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Virginia’s Eastern Shore region experienced an increase in median sales price in December, according to Long & Foster Real Estate’s Market Minute Report. Northampton County exhibited a 43% climb, while a 31% increase was seen in Accomack County.  

The number of units sold also ticked upward by 50% in Northampton County and 44% in Accomack County, compared to December 2019. Active inventory continued its downward trend in both counties.  

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

Virginia Eastern Shore Market Minute Chart December 2020

Housing inventory shortages are expected to continue in 2021, but builders are constructing homes at a fast pace, which will help to be part of the solution in the future. “While I believe the worst might be behind us, we’re not close to coming out of our low inventory environment just yet,” said Gary Scott, president of Long & Foster Real Estate. “Our inventory challenges may not get better, but it shouldn’t get worse, as it’s done consistently over the last three years.”  Scott added that as more people in the COVID-19 high-risk age group receive the vaccine, he believes they’ll feel more comfortable having potential buyers come into their homes. Since older generations are aging in place in high numbers right now, it will be interesting to see if receiving the vaccine will have an impact on inventory. 

Scott reflected on what stood out to him about the 2020 real estate market, indicating that real estate was the shining light of the economy, exceeding expectations. Historically low mortgage interest rates were the driver, with 14 low interest rate records set last year. “When rates are below 3%, you’re bound to buy and sell,” said Scott.  “We also never estimated the almost immediate impact of remote working on consumer behavior in the housing industry.” The ability of consumers to work remotely caused a ‘flight from density’, increasing sales in the suburbs and beaches. 

When asked what consumers should be aware of when buying or selling a home in 2021, Scott advised buyers to be prepared and educated on the current real estate market.  He added sellers should understand that even though it’s a great market, selling a home is a complicated process involving many steps and they need a professional real estate agent with good training to guide them through it.   

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.