The residential market across Hampton Roads shows significant trends for September 2024

Hampton Roads's residential real estate market is showcasing noteworthy trends as we move through September 2024. Here’s a closer look at the current landscape:

Market Overview 

•   Median Sales Price: The average home price in the region is now $356,500, reflecting a modest 0.4% increase. This stability suggests that the market is holding steady despite various economic pressures.
• Settled Sales: A total of 1,122 homes were sold this month, marking a significant 17.9% decline from the previous year. This drop indicates a slowdown in market activity, which may be attributed to rising interest rates and economic uncertainties.
• Active Inventory: The number of homes available for sale has decreased by 16.3%, with only 2,598 properties currently on the market. This reduction in inventory is likely contributing to increased competition among buyers.
• Median Sold Price per Square Foot: Prices remain consistent at $207 per square foot, showing no significant fluctuations, which reinforces the notion of price stability in the market.
• Days on Market: Homes are selling more quickly, averaging 21 days on the market, a decrease of 10.5% compared to last year. This trend signals heightened urgency among buyers.
• New Listings: There has been a 5.4% reduction in new listings compared to last year, which limits options for potential buyers and intensifies competition.

Investor Insights:
Interestingly, while the number of homes listed has decreased, the months' supply of inventory has increased by 13.1%, suggesting that sellers are still achieving nearly 99.8% of their asking price. This indicates that even with fewer listings, sellers maintain substantial control over pricing.

With stable prices and quicker sales, now may be an opportune time for buyers and sellers alike to engage with this competitive market.

Are you considering selling your home for 10% more than your Zestimate? If so, feel free to text your answer to 757-703-1590!