Chesapeake Real Estate Market Update is a weekly report of real estate market statistics. This information is for buyers and sellers that are currently in the real estate market or are thinking about getting in to the market. Since Chesapeake contains multiple zip codes this analysis may or may not be specific to your subdivision and should only be used as a tool to determine trend lines and a look at Chesapeake as a whole. This week in Chesapeake the median list price is $268,000 with the average asking price per square foot at $128.00. An average day on market is 183 days. Demand measured by the Market Action Index is increasing and days-on-market is holding steady. With more properties coming available, conditions are mildly positive. Home sales have been exceeding new inventory for several weeks. Since this is a buyer’s market, prices are not yet moving higher as excess inventory is consumed. However, as the supply and demand trends continue, the market moves into the sellers zone and we are likely to see upward pressure on pricing. Buyers and sellers should consult a Realtor for specific market updates in reference to your subdivision. A CMA (Current Market Analysis) should be done prior to putting a listing on the market or making and receiving offers. When visiting the website Chesapeake Real Estate Market Update be sure to check for your zip code, if it is not listed please contact me directly for a specific CMA.
All data was pulled from REIN and Altos Research for Chesapeake Real Estate Market Update.
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