Chesapeake Real Estate Market Update August 7,2013

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. The median list price in CHESAPEAKE,VA this week is $296,445. The 1136 properties have been on the market for an average of 149 days. The Market Action index has been trending down lately, while days-on market is climbing, providing mostly bearish signs for the market. The market has been cooling over time and prices have recently flattened. Despite the consistent decrease in Market Action Index (MAI), we're in a Seller's Market (where significant demand leaves little inventory available). If the MAI begins to climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer's zone, watch for downward pressure. 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. Doug Wolfe, Principal Broker, Town Real Estate Group, doug@tregva.com, www.BetterCallDoug.com Chesapeake Real Estate Market Update, Chesapeake Real Estate, Chesapeake Virginia Home Search, Chesapeake Home Search