Spring into Action: Navigating the Current Real Estate Market Trends

by Megan Luker VA Beach Realtor

The real estate market is constantly evolving, and staying informed is key to making the most of the current conditions. As we head into the new season, it's essential to understand the latest market trends and how they may impact your buying or selling experience.

For sellers, the news is largely positive. The median sales price has risen to $355,000, marking a 1.4% increase from the previous month and 7.6% higher than February 2024. This growth in home values indicates that it's a great time to sell, with homes selling at a rapid pace - a median of just 18 days on the market. Sellers are also receiving an average of 99.8% of their list price, demonstrating that buyers are making competitive offers.

However, the limited inventory - down 4.5% from last month and 8.6% from last year - means that sellers have a prime opportunity to capitalize on the strong demand. With fewer homes available, sellers can expect to receive multiple offers and negotiate better prices.

For buyers, the rising home prices may pose a challenge to affordability. Although the price per square foot has decreased slightly (down 0.5%), the overall median home price has increased. On the other hand, the decrease in settled sales - down 15.2% from last month and 13.9% from last year - may result in less competition among buyers. The increase in new listings (up 16.8% from last month) could provide more options for buyers, and the shift toward a more balanced market - with a 2.5-month increase in the months' supply of inventory - may give buyers more negotiation power.

Key Takeaways:

For sellers, the current market conditions are favorable, with low inventory and strong demand driving quick sales and competitive offers. Strategic pricing will be crucial to maximizing returns.

For buyers, while rising home prices may be a concern, the increase in new listings and the shift toward a more balanced market may present opportunities. Getting pre-approved and acting quickly on desirable properties will be essential to securing the right home.

If you're looking for personalized advice on navigating the current market, I'm here to help. Contact me today to discuss your unique needs and goals!

Megan Luker, Your Trusted Virginia Beach REALTOR®️

📲 (M) 757-703-1590 ☎️ (O) 855-450-0442

MeganVB.com