I’m Jeff Tanner, Dean of the Strome College of Business, and this is a Strome Business Minute. We already discussed here the shrunken inventory of homes for sale in the 757, down to its lowest level in 15 years. New home construction can’t keep up with the demand due to labor shortages so the median price of homes has crept up as supply can’t keep up with demand.
Strome real estate professor Walter D’Lima’s research shows that our market is representative of the national residential market. Overall, new listings for existing homes are down across the country, as demand is shifting from apartments to houses. But his study also shows that starter home owners are also trading up. But mid-priced owners aren’t trading up. Inventory of higher priced homes is way down and those prices have actually declined so now may be the time to move up. This has been a Strome Business Minute, presented by the Strome College of Business at Old Dominion University.