Summer has sizzled! Yet with lots of rain the trees and yards have faired well. The same can be said for Home Sales: They have sizzled. The heat nor the home sales will likely cool with school starting soon.
Though we continue to struggle to maintain sufficient housing inventory, Home Sales have gained momentum each month. In fact, now in every city of Hampton Roads many price ranges are into a “normal market” of under 6 months inventory.
Historically, if the housing stock in any given price range is under 6 months(average home sells in less than 6 months for the date put on the market), the buyers and sellers are finding prices rising, a benefit to both parties.
In the document below, if the color is green or yellow, the homes are selling below that historic 6 month threshold….lots of neighborhoods in every Hampton Roads City, including Chesapeake, are green and yellow!!!
Interestingly, we are selling at the same pace as in 2008, the last of “the good years”. In many neighborhoods, values have risen to pre-2008 values.
Yet, it remains an excellent time to purchase homes in Chesapeake and all of Hampton Roads. Home prices continue to rise gradually a buyer will win today when they buy.
The need remains home owners that are ready to move to call today to learn the truth about their home’s value and the buyers ready to buy.
Homes sell year around. Now is the time to sell if you are needing to move.
Remember 2006-2008 in Chesapeake???? Market is there again.