Quick Hampton Roads Market recap in Real Estate
Existing homes sales up 923 MTD 9.96%+ YTD 12.34%+
Median Home price down 179000.00 MTD 1.38%- YTD 10.46%-
Active listing down 12162
Market time increased 111 days
Months supply inventory 7.32 months
Foreclosure fillings up 812 MTD 27.87%+ YTD 19.12%-
What does this mean ?
Less homes to choose from right now if you are a buyer. Better sales prices if you’re looking to buy.
Potentially more foreclosed homes for sale, but typically AS IS
Time it takes to sell the home is longer
You’ll need to lower your home price to compete
Watch for potential competition as banks offer more homes for sale.
Price and stage it right the first time and sell is in 30-60 days