NORFOLK, Va. — New data shows the housing market across Hampton Roads is picking up compared to this time last year, but for many buyers, the process still feels just as competitive.
According to the Real Estate Information Network (REIN), nearly every major indicator increased in March year-over-year:
- Active listings rose about 5%
- Pending sales jumped nearly 12%
- Settled sales increased more than 7%
- The median home price climbed to $360,000
At first glance, those numbers suggest a loosening market. However, local real estate experts say the reality on the ground tells a more complicated story.
More homes, but not enough to ease demand
Cavelle Mollineaux, broker and owner of ONYX Realty Professionals, says inventory gains haven’t kept pace with buyer demand.
“It’s as competitive, and it’s getting a little bit more competitive now, because we were expecting inventory to rise a little bit more, but it hasn’t just yet, because interest rates have not dipped as much as we would have hoped they would have at this time.”…