Your Real Estate Market update for Virginia Beach zip code 23451

Are you considering buying or selling a property? Well, you've come to the right place! Today, we're going to dive into some key real estate metrics that will give you a better understanding of the current market conditions. Whether you're a buyer or a seller, this information will help you make informed decisions and stay ahead of the game.

Let's start with the months supply of inventory, which currently stands at 1.79. This metric represents the number of months it would take to sell all the homes on the market if no new listings were added. A lower supply of inventory indicates a seller's market, where demand is high and competition among buyers is fierce. So, if you're a seller, this is great news for you as it suggests that your property is likely to sell quickly.

Now, let's look at the 12-month change in months of inventory, which has seen a significant increase of 37.69%. This means that the supply of homes on the market has grown over the past year. While this may sound alarming at first, it's important to note that this increase is actually beneficial for buyers. With more options available, buyers have a wider selection to choose from and can potentially negotiate better deals.

Moving on to the median days homes are on the market, we find that it currently stands at 29. This metric represents the average number of days it takes for a home to sell. A lower number suggests a fast-paced market, where properties are being snatched up quickly. For sellers, this means that if you price your home competitively and present it well, you can expect a swift sale.

Next, let's consider the list to sold price percentage, which currently sits at 98.5%. This metric reveals how close the final selling price is to the original listing price. A higher percentage indicates that sellers are receiving offers close to their asking price. For buyers, this means that negotiating power may be limited, but it also suggests that the market is stable and not experiencing any drastic fluctuations.

Lastly, we have the median sold price, which currently stands at $544,000. This represents the middle price point of all homes sold in the area. For sellers, this is a positive sign as it indicates that prices are holding steady and potentially even increasing. Buyers, on the other hand, should be prepared for competitive pricing and may need to adjust their budget accordingly.

In summary, the months supply of inventory, 12-month change in months of inventory, median days homes are on the market, list to sold price percentage, and median sold price are all important real estate metrics to consider when buying or selling a property. By analyzing these metrics, buyers can gauge the level of competition and negotiate accordingly, while sellers can understand the market conditions and price their homes appropriately. So, whether you're on the buying or selling side, these metrics will help you navigate the real estate market with confidence.