PORTSMOUTH, Va. — Real estate assessment notices are making their way to Portsmouth residents in the coming weeks.
Last year, we talked to people moving in and out of Portsmouth asthe city discussed ways to attract and keep people in the area.
"We want people to stay in Portsmouth to live, work, and raise a family," Portsmouth mayor Shannon Glover said last November.
Watch previous coverage: City leaders don't want people to move out of Hampton Roads
Safe, desirable places to live were a key part of that discussion.
Now, the city's looking at the latest real property assessment. Council members noted that homes in the city seem to be a "good deal" compared to the rest of Hampton Roads.
The median sales price for a Portsmouth residence is nearly $275,000, according to the latest assessment. That's up from the prior year. Homes are on the market for, on average, 20 days.
Watch previous coverage: Portsmouth real estate market's looking 'healthy:' Interim city assessor
News 3 spoke with Erin Ward, CEO of HRVA Homes Powered by Keller Williams Realty, to learn more about the local housing market. She explained comparable homes in places like Portsmouth and Suffolk are much lower in price than they'd be in cities like Virginia Beach.
"What drives desirability?" asked News 3 reporter Erika Craven.
"Schools are usually that number one factor. The other thing is conveniences, how close are they located to stores and different amenities generally," said Ward. "Also too, taxes. Virginia Beach has a lower tax rate even though they have a higher sales price on their homes than Portsmouth and other cities."
Every year in each Hampton Roads city, more homes go on the market.
Watch related coverage: U.S. housing market report shows an increase in home prices in Virginia
"Houses have to look great to go on market and the most important thing is ensure you have priced your home well," said Ward. "Don't list your home too high. That's what gives you more days on market, so make sure you're working with an expert."
And while it's a sellers' market, Ward thinks buyers can be choosier across the board.
"They have a little more flexibility now in this market than we saw a couple of years ago when interest rates were dramatically lower and we were seeing 30, 40, 50 offers on every house," said Ward.
Despite the rising interest rates, she doesn't expect to see a drop in home prices in our area any time soon.
In 2014, the median sales price for a residential home in Portsmouth was roughly $132,000. Since then, prices have only ticked up.
Of course, real estate agents are also looking to see what happens with tariffs. If building materials go up in price, they expect the housing market to shift.
