In the Metro-West and Norfolk areas, to be more specific, buying can feel expensive, but demand remains strong and inventory is still limited, which continues to support prices. For buyers who plan to stay put for several years and can comfortably afford the monthly payment, buying can still make sense despite higher interest rates.

Steps to decide if buying makes sense for you:

  1. Focus on the monthly payment, not just the purchase price.

  2. Compare buying costs to local rents, which remain elevated in this area.

  3. Explore rate buydowns or seller concessions, which are more common now.

  4. Look at starter homes or condos, not just single-family homes.

  5. Plan for a 3–5 year hold, which helps offset short-term market shifts.

FAQ

  • Are home prices expected to drop in the area?
    Large price drops are unlikely due to low inventory and steady buyer demand. Most forecasts point to slower, steadier price growth rather than declines.

  • Should I wait for interest rates to fall?
    Rates may fluctuate, but waiting often means facing higher prices and more competition. Many buyers plan to refinance later instead of waiting.

  • Is this a good market for first-time buyers?
    It can be, especially with the right strategy and financing. Preparation and flexibility matter more now than timing the market.

Last updated: January 23, 2026

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