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 $307,900 with the average asking price per square foot at $136.00. An average day on market is 199 days. Inventory has been decreasing lately but the Market Action Index is falling also. With days-on-market climbing, these are relatively negative implications for the market. The Market Action Index has been trending lower for several weeks while prices have remained relatively stable. If inventory continues to grow relative to demand however, it is likely that we will see downward 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.
Chesapeake Real Estate Market Update
All data was pulled from REIN and Altos Research for Chesapeake Real Estate Market Update.
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