Hampton Roads Real Estate Market Update
Is your home worth $12,000 more than last year? Which way is the Hampton Roads real estate market heading? Is now the time to sell?
What's Happening In The Residential Market?
The number of listings on the market is down year over year from 10,681 (May 207) to 9,974 (May 2018). However, the median listing price for detached listings is up $20,800 from last year's numbers (see chart below for full figures).
Homes are selling a little faster! The average days on market for listings is at 74 days compared to 80 days last May.
Last year homes sold for $246,000, this year they're selling for $258,650. That's a price increase of $12,650. The number of homes sold is about the same at 2,093 (2017) and 2,148 (2018) respectively.
Comparing April to May of this year, 300 more homes were on the market in May and the listing median price increased by almost $5,000 in just a month!
The average days on market stayed almost exactly the same, and the median sales price increased by $8,650 just in ONE month. 300 more homes sold in May than in April as well.
What does this mean for you?
It is STILL a Seller's Market!
Do you want to see if your home’s value increased?
Give us a call at 757-717-1003
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