Hampton Roads housing market had a good decade
Posted to: Business Residential Real Estate
The housing market may be tepid now in Hampton Roads, but it’s been a good decade.
Using data from the National Association of Realtors, the real estate news Web site HousingWatch.com ranked the 10 best and 10 worst housing markets of the decade, based on price appreciation through the third quarter of 2009.
For the Virginia Beach-Norfolk-Newport News metro area, median housing prices rose 91.5 percent over the decade, from $112,300 in 2000 to $215,000 in 2009′s third quarter.
That was good enough for No. 5 on the list behind the metro areas of Allentown, Pa; Baltimore, Trenton, N.J.; and Atlantic City, N.J. The Philadelphia area was sixth and the Washington, D.C., region, ninth.
The worst included Atlanta and Cleveland, but Saginaw and Lansing, Mich., bottomed the list with median values falling, respectively, 22.1 percent and 23.4 percent.
Remarkably, many of the strong housing markets lie in the metroplex corridor between Washington and New York City. Unsurprisingly, the weakest – with two exceptions – are in the industrial Midwest.
Still, the HousingWatch report opined, if you consider that mortgage interest rates are 6 to 7 percent, and inflation is 2 to 3 percent, it’s been a “lost decade for even the strongest housing markets.”
Posted by: choosejeremy | January 9, 2010
Hampton Roads housing market had a good decade | PilotOnline.com
via hamptonroads.com
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