Virginia Beach Market update for buyers in zip code 23452

Hey there, buyers! Let's dive into some key real estate metrics that can give you valuable insights into the current market trends.

First up, we have the Months Supply of Inventory, which is sitting at a low 0.91. This indicates that there is a high demand for homes compared to the available inventory, creating a competitive market for buyers.

Next, we have seen a significant increase of 59.65% in the 12-Month Change in Months of Inventory. This suggests that the market may be shifting towards a more balanced state, giving buyers more options to choose from.

The Median Days Homes are On the Market is just 13 days, showing that properties are selling quickly. This means that if you find a home you love, you'll have to act fast to secure it.

When it comes to pricing, the List to Sold Price Percentage is an impressive 99.9%, indicating that sellers are receiving close to their asking price. This tells us that buyers may need to be prepared to make strong offers to compete in this market.

Lastly, the Median Sold Price currently stands at $340,500. This gives you an idea of the average price point in the area, helping you to gauge what you can expect to pay for a home.

Overall, these metrics paint a picture of a competitive market with limited inventory and fast-selling homes. As a buyer, being informed about these trends can help you make more strategic decisions and navigate the real estate landscape with confidence. Happy house hunting!