Rising demand and limited supply have driven U.S. home prices up by nearly 4% so far in 2024, with even larger increases in popular coastal areas.
Many coastal communities are reporting skyrocketing home prices, a microcosm of the nationwide housing shortage and ongoing affordability crisis as waterfront acreage remains fixed.
Though home prices have fallen slightly in recent months, the typical American home was listed for $425,000 in September 2024, a 3.8% increase from January.
In Virginia, home prices have climbed even faster than average, with the median list price at $439,950 in September 2024, marking a 6.0% increase since January.
#us-housing-market #home-prices #coastal-real-estate #virginia-housing-trends #market-supply-and-demand
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