The Hampton Roads Housing Market
Hello Hampton Roads,
How's the housing market in Hampton Roads, you ask?
Well, like most of the country we're currently in a seller's market! According to REIN's (our local listing service's) most recent press release, there is a increase in median sales price, a shrinking inventory of homes for sale, and an absorption rate of less than 6 months for all 7 cities. The absorption rate indicates the amount of time it would take to sell all the homes currently for sale if no other homes come on the market. These signs all point to good news for sellers as homes are selling more quickly and for higher prices.
Here's a snapshot from the most recent statistics for January 2018:
If you are considering selling, you can use this market to your advantage. Feel free to contact me to sell your home quickly and for the best price the market will bear. The spring selling season is upon us and conditions are in your favor!
If you are a home buyer in this market it's in your highest interest to put yourself ahead of the competition: contact me for a complimentary home-buyer consultation. We will discuss the best financing options for your situation as well as the steps of the home buying process and what you can do to make yourself stand out from other buyers and get your offer accepted.
Thanks for Reading,
_________________________
Serving your Hampton Roads and Virginia Beach Real Estate needs. Liz Schuyler on Google+
How's the housing market in Hampton Roads, you ask?
Well, like most of the country we're currently in a seller's market! According to REIN's (our local listing service's) most recent press release, there is a increase in median sales price, a shrinking inventory of homes for sale, and an absorption rate of less than 6 months for all 7 cities. The absorption rate indicates the amount of time it would take to sell all the homes currently for sale if no other homes come on the market. These signs all point to good news for sellers as homes are selling more quickly and for higher prices.
Here's a snapshot from the most recent statistics for January 2018:
City
|
Median Sold Price for Residential Properties
|
Current Months Supply of Inventory
|
Virginia Beach
|
$250,000.00
|
3.25
|
Norfolk
|
$182,500.00
|
3.91
|
Chesapeake
|
$274,000.00
|
3.25
|
Portsmouth
|
$156,500.00
|
4.58
|
Suffolk
|
$259,000.00
|
4.47
|
Hampton
|
$175,000.00
|
4.33
|
Newport News
|
$161,500.00
|
3.99
|
If you are considering selling, you can use this market to your advantage. Feel free to contact me to sell your home quickly and for the best price the market will bear. The spring selling season is upon us and conditions are in your favor!
If you are a home buyer in this market it's in your highest interest to put yourself ahead of the competition: contact me for a complimentary home-buyer consultation. We will discuss the best financing options for your situation as well as the steps of the home buying process and what you can do to make yourself stand out from other buyers and get your offer accepted.
Thanks for Reading,
_________________________
Serving your Hampton Roads and Virginia Beach Real Estate needs. Liz Schuyler on Google+
Comments