Hello! Now that Month 1 is behind us, let's take a look at the numbers! 

Overall, home inventory is increasing. For buyers & sellers, this is great news! More inventory means more options for buyers and typically, a buyer friendly market means more buyers for sellers! Last year, super low interest rates had the market flooded with buyers, and competition for homes was fierce. Today, homes are still selling fast, but buyers are able to request home inspections & in some cases, closing cost assistance.

We are seeing homes in good-to-great condition going under contract within days, while homes in need of renovations and/or repairs, may take several weeks to several months to sell. If you need tips on how to get your house ready to sell quickly, please reach out! I've attended hundreds of home inspections & have sold over 600 homes in Coastal VA. I know what improvements are worth the time & money, and which ones are not. 

Alright, back to the numbers! Below is a graphic showing the unsold & actively listed homes on the market in Jan 2022 vs Jan 2023 and what percentage this number increased (or in Portsmouth's case, decreased). As always, VB is leading with 536 homes on the market in January 2023, but Chesapeake saw the largest percentage increase, with 52%. This isn't surprising as both Virginia Beach and Chesapeake are pretty popular due to their proximity to the bases, businesses, tourism, schools and recreational opportunities. Out of all the cities mentioned, Portsmouth is the only one to have less homes for sale this January compared to last year. It will be interesting to see if Portsmouth's new casino changes the area's numbers in the months ahead. 

Take a look at the chart below & let me know what you think! If you are ready to buy or sell, please call, text or email.