Let’s dive into what’s happening in our local market as we move into the final months of 2024.
The median sales price in Hampton Roads is currently $345,000, which is a 6.2% increase from last year and a 1.5% increase from last month. For sellers, this is excellent news as property values continue to grow, ensuring a solid return on investment. For buyers, while prices are rising, the steady increase signals a healthy market. If you’re considering buying, now might be the time to invest before prices climb further.
Another key metric to watch is the average days on market, now sitting at 21 days, reflecting a 23.5% increase from last year. Sellers, this means pricing your home correctly and making sure it’s in show-ready condition is more important than ever. Buyers, this gives you more time to evaluate options—but remember, homes that are move-in ready are still selling quickly, sometimes even attracting multiple offers.
The list-to-sales price ratio is currently at 99.7%, meaning homes are selling very close to their asking prices. This is a great indicator of a strong market, where sellers are achieving their financial goals, and buyers can secure homes without overbidding.
Additionally, the month's supply of inventory is at 2.3 months, which is an increase of 22.3% from last year. For sellers, this means slightly more competition, but it also indicates a balanced market. Buyers benefit from more choices and potential negotiating power, making this a good time to buy before the market heats up again.
Looking Ahead to 2025:
As we look forward to 2025, experts predict that mortgage rates will continue to decrease as inflation eases, and the economy slows down. This should lead to a slight increase in both supply and demand, with total home sales expected to reach 5.4 million, up from 4.5 million in 2024. With more buyers returning to the market, home prices are projected to rise by 2.6% next year.
If you’re thinking about making a move in this market, now is the time to start planning. Let’s have a conversation about how I can help you navigate the current trends and achieve your real estate goals. Give me a call for a no-pressure, no-obligation consultation.
