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Interest rates and the housing market are on top of everyone's mind lately. People are worried that house prices will crash like 2008 because of the sudden rise of interest rates.

Such a crash is not likely to happen because we are still suffering a severe shortage of houses for sale. In my local market of Southeaster Virginia, we are averaging between 3,000 and 4,000 active listings every month. This is in contrast to pre-pandemic levels of 12,000 to 15,000 active listings every month.

This is why house prices have been rising so fast and far. There is such a limited supply, being chased by greater than average demand. Even if higher interest rates push buyers out of the market, there will still be plenty of buyers to keep prices in most markets from falling.



Matt Walsh
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(757) 755-5587
Notary Public

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