Your Chesapeake Real Estate market update for 23320

Ladies and gentlemen, have I got some exciting real estate metrics to share with you today! Whether you're a buyer or a seller, these numbers are going to give you some valuable insights into the current market trends. So, let's dive right in!

First up, we have the Months Supply of Inventory, which currently stands at a low 1.6. This means that if no new homes were to hit the market, it would take just a little over a month and a half to sell all the existing inventory. Now, this is great news for sellers as it indicates a high demand for properties, potentially leading to a quicker sale at a favorable price.

Now, let's talk about the 12-Month Change in Months of Inventory, which has seen a remarkable increase of 48.15%. This rise suggests that there has been a significant influx of new listings into the market over the past year. Buyers, this could be music to your ears as it implies a wider range of options to choose from, allowing you to take your time and make a well-informed decision.

Moving on to the Median Days Homes are On the Market, we find that properties are spending an average of 40 days before being snatched up by eager buyers. This relatively short duration indicates a healthy level of competition in the market. Sellers, take note of this statistic as it emphasizes the importance of pricing your home strategically and ensuring it stands out among the crowd to attract those offers quickly.

Now, let's discuss the List to Sold Price Percentage, which currently sits at an impressive 99.9%. This figure represents the amount at which homes are selling compared to their initial listing price. Buyers, brace yourselves because this means that sellers are receiving almost their asking price for their properties. However, don't let this discourage you from negotiating, as there may still be room for a little back-and-forth in certain cases.

Finally, we arrive at the Median Sold Price, which stands at a solid $330,000. This figure represents the middle value of all the homes that have been sold recently. Buyers and sellers alike should take note of this number as it provides a benchmark for pricing and assessing the value of properties in the market.

In conclusion, these real estate metrics paint an exciting picture for both buyers and sellers. With a low Months Supply of Inventory and a high List to Sold Price Percentage, sellers can expect a favorable market where their homes are in demand and selling close to their asking price. On the other hand, buyers can take advantage of a wider selection of properties and a healthy level of competition, giving them the opportunity to find their dream home at a fair price.

So, whether you're looking to buy or sell, now is a fantastic time to jump into the real estate market. Happy house hunting or selling, everyone!

Source: Realtor Property Resource website