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A slow shift
Jeremy Caleb Johnson is advising clients preapproved for a mortgage loan at the beginning of 2022 to adjust expectations. The price of houses they may have looked at just months ago likely not only went up significantly, but the low interest rates available then have also risen dramatically. “What you may have been able to […]
TOP FIVE STORIES AUGUST 2022
The top trending stories on VirginiaBusiness.com from July 15 to Aug. 14 were led by an exclusive update on the Virginia Beach Oceanfront surf park, which is being developed by music icon Pharrell Williams and Venture Realty Group. 1 | A new look at Va. Beach’s Atlantic Park Starting construction in October or November, […]
July NoVa home sales drop 29% from 2021
As price growth slowed and inventory increased slightly, Northern Virginia housing sales dropped 28.8% in July compared with last year, according to a Northern Virginia Association of Realtors report published Friday. “More options are available to homebuyers now that the market is calming. It remains a seller’s market, but the feeding frenzy has subsided somewhat,” […]
Hampton Roads’ July active house listings down
Hampton Roads’ active residential listings in July continued to lag behind monthly totals for the past four years, according to Real Estate Information Network Inc. data published in August. Active listings have dropped steadily every July since 2014. At the end of July, there were 4,129 homes actively listed in the region. In 2021, that […]
Va. housing market sees sharp drop in sales
The housing market is cooling off, compared to a year ago. Home sales in Virginia dropped by nearly 19% in June, compared to sales in June 2021, the sharpest drop in the housing market since the beginning of the pandemic, Virginia Realtors reported Friday. In June, 13,324 homes were sold in Virginia, which is 3,208 fewer […]
Pulaski sees housing future in 3D
Like communities around Virginia, the town of Pulaski faces housing demand far outpacing supply. “We don’t have enough housing in our area,” says Town Manager Darlene Burcham. “So many of the people who work in our area don’t live in the community.” One way Pulaski hopes to grow inventory is by working with Iowa-based home […]
Va. median home sales price breaches $400k for first time
The statewide median sales price for a home in May rose above $400,000 for the first time, according to the Virginia Realtors’ May 2022 Virginia Home Sales Report. The median price was $401,082, up 8.7% and more than $32,000 from a year ago. In total, 13,048 homes sold in Virginia in May, an 8.5% decrease […]
Economic growth to continue slowing, ODU experts say
The U.S. economy will continue to slow in the second half of 2022 and a recession is increasingly likely, according to the Old Dominion University’s Dragas Center for Economy Analysis and Policy’s mid-year economic forecast released Friday. Increases in inflation are expected to slow as well but harden, leaving costs elevated, report Robert McNab and […]
255-apartment complex coming to Suffolk
The Cathcart Group, a Charlottesville-based real estate developer, is building a 255-unit apartment community in Suffolk planned to open in 2023. The Gallery at Godwin will be on nine acres at 3061 Godwin Blvd. in Suffolk and will have one-, two- and three-bedroom apartments with rents ranging from $1,200 to $1,900. The complex will also […]
Castle, Pembroke partner on Va. Beach apartments
In a joint venture, Charlottesville-based Castle Development Partners and Virginia Beach’s Pembroke Square Associates will build a 12-story apartment complex as part of Pembroke Mall’s $200 million redevelopment in Virginia Beach. The complex will be on top of the existing Stein Mart building, with about 35,000 square feet of ground-level retail, a four-story parking garage […]
March NoVa home sales down 4.9% from 2021
Northern Virginia saw fewer home sales last month compared with March 2021 due to low inventory and higher rates, according to a Northern Virginia Association of Realtors report published Friday. The market saw a 4.9% decline in home sales over March 2021, not far off from the 4.5% drop nationwide. “I expect that rapid price […]
Hitting a brick wall
Casey Renner has worked in four states over the course of her teaching career, and she’s never liked a school more than Arlington County’s Wakefield High School, where she teaches science and special education. But she has also never had as much difficulty finding housing near work as she has during her 17 years teaching […]
