PORTSMOUTH, Va. (WAVY) — Like the world-famous donut, the real estate market in the 757 and North Carolina, the home of Krispy Kreme, is “hot now.”
A new survey from US News and World Report places Hampton Roads and North Carolina at number three in the country. The placement is no surprise for Jeremy Johnson, chairman of the Hampton Roads REALTORS Association.
“In the early part of the year, we usually see a little bounce in the market and that’s what we are seeing this year as well,” Johnson said.
According to the Real Estate Information Network, from January 2023 to last month, active listings were up 8 percent, and new construction was up 9 percent.
“Builders are building more, and we are thankful to some of the outlying areas like Suffolk and Isle of Wight that have allowed new building permits to be issued; so these builders build to meet demand,” Johnson said.
The Federal Reserve is promising interest rate cuts; the market is preparing for the springtime military sales boost; and the average sales price is up nearly 6 percent. Johnson said this is where the real estate metrics can get complicated.
“For buyers, what this means is the longer you wait for an interest rate to come down, the more expensive the house is going to be on the list price,” Johnson said.
Like the iconic Krispy Kreme neon sign, Johnson said the keyword is now.
“This is the time to buy just like that “hot now” light at the donut store; we have a good amount of inventory right now and a fair number of homes on the market to sell. I would say if you want to make a move let’s start moving now,” Johnson said.
