Strome Business Minute With Dr. Jeff Tanner

I’m Jeff Tanner, Dean of the Strome College of Business at Old Dominion University and this is a Strome Business Minute. Vinod Agarwal of the Strome College of Business’s Dragas Economics Center expects a robust year for housing sales. Our market’s median price is under $250,000, and fifty seven percent of houses sold in Hampton Roads are also under $250,000. While most of the recent and forecasted increase in median price is at the lowest price level, the percentage of home sales in higher price categories is creeping up, and the total homes sold has also risen. Average monthly rent is now greater than average monthly house payments, and with growth that should follow the shipyard’s ramping up of its workforce to fill its carrier and submarine contracts, the market is moving toward a seller’s market for existing and new home sales. To learn more, visit odu.edu/business. This has been a Strome Business Minute, presented by the Strome College of Business at Old Dominion University.