Patchwork of neigborhoods
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7/23/2006
Real estate prices appear to have peaked in 2005 (right when I purchased my home, bloody hell!). Homes at the mid to higher end are taking longer to sell, following a substantial ramp up in real estate prices from 2001 to 2005. No doubt the interest rate hikes have impacted real estate, but also the increased supply of homes compounded with some downsizing at the military bases have brought about at least a plateau for home prices. Personnel cutbacks at Langley AFB will start to become locally noticeable in 2007.
The roadwork on I-64 has finally been completed--traffic to Norfolk/Virginia Beach (aka the Southside) has gotten better, but there still are delays in getting to Williamsburg and beyond.
Newport News is a patchy town--gated communities interspersed with some rough areas; this kind of skews median home prices. Plenty of cultural opportunities nearby, in Norfolk, Williamsburg, and Va Beach.
JOHN | Newport News, VA