Strome Business Minute With Dr. Jeff Tanner

Hampton Roads is a hot residential real estate market! Okay, maybe it’s not like San Francisco but home sales are way up. Homes under contract jumped thirty percent last month, and closings were up thirteen percent. The median price of a home was up over six percent to two hundred forty nine thousand, and distressed sales, or sales of homes that have been foreclosed, was at its lowest level in over a decade. New home sales in the four hundred thousand range have been selling very quickly over the past couple of years, and it now appears that the entry level market is catching up. Inventory has also declined, good news for folks who want to sell or trade up.