Foreclosures

Peninsula home prices rise on strong demand, low supply

Peninsula home prices rise on strong demand, low supply

A shrinking number of homes for sale on the Peninsula, combined with strong buyer demand, improved prices in February, according to the latest housing report.

The number of Peninsula homes for sale dropped 8.8 percent to 2,921 listings in February compared with 3,204 listings in February last year, according to the Hampton Roads Real Estate Information Network report.

And while Peninsula home sales dropped 5.6 percent, or by 21 homes, from 378 in February 2016 to 357 in February, that can be attributed to February last year having an extra leap day, Old Dominion University economist Vinod Agarwal said.

Still, the median sales price increased 9.5 percent from $173,500...

55°