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 $305,000 with the average asking price per square foot at $136.00. An average day on market is 204 days. Inventory has been lightening lately and the Market Action Index has been trending up. Though days-on-market is increasing, these are mildly positive indications for the market. Should the sales trend continue, expect prices to level off soon and potentially to resume their climb from there. Watch prices as the market transitions from a Buyer's market to a Seller's market. Again this week in this zip code we see a downward notch for prices. Pricing has been weak in recent weeks and versus their
absolute-high level. At this point, we will be looking for a persistent upward shift in the Market Action Index as a leading indicator for a trough in prices.
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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