Chesapeake, VA Housing Market Slows Down
Buyers are slamming the brakes on the housing market in one local city, slowing the growth of home values during the last six months and ending the breakneck competition to tear down “for sale” signs.
Home values in Chesapeake increased 20 percent from the beginning of the year to July 1. But from July 1 to Nov. 28, property values ticked upward at an estimated 3 percent, according to a recent report from Chesapeake real estate assessor William L. Rice .
The drop provides a hint that the local housing boom may be muffled by higher interest rates and steeper prices. It may also mean that residents banking on massive equity in their homes could see their wealth increase at a much slower rate.continue