It’s so important to have a grasp of what the real estate market is doing in your area, even if you aren’t interested in selling right away. The best way to truly do that is to be actively looking full time at the inventory on the market and working with buyers and sellers like we do as REALTORS®. However, if you’re not in the market like we are, statistics provide a great looking glass into what is going on! So here are some stats I think are important!
Current Active Residential Listings: 3,010*
Average Sale Price
Newport News: $184,961
Average Days on Market
Newport News: 74
Average Sale to List Price Ratio
Newport News: 100%
Compared with last year at this time, inventory is down, prices are up and increasing and market time is down. All in all, it’s a great time to sell!
Hey buyers! Don’t be weary! It’s still a great time to buy before the interest rates rise again. Be competitive with your offers and think outside the box! A good buyer’s agent can help you come up with creative ways to get your offer accepted and still make it a win/win for you and the seller!
It’s important to understand the overall market but it’s also important to note that each city has smaller markets within it. Neighborhoods, subdivisions, districts, school zones and style of home all have individual factors that play into its own real estate market.
The best thing you can do is find a REALTOR® who understands the individual dynamics of the area you’re looking in or wanting to sell in. Not only does the REALTOR® have to sell it to a potential buyer, he or she may also need to support the valuation to a future appraiser! So, if you’re interested in finding out about your specific home’s valuation, then reach out to a REALTOR® who knows the Peninsula!
*All statistics were pulled from The Real Estate Information Network as of the end of May 2018.