Is Hampton Roads A Buyers Or Sellers Market

The Hampton Roads real estate market is currently navigating unique dynamics that suggest a mixed environment for buyers and sellers. While historically low housing inventory and sustained price increases favor sellers, rising mortgage rates and longer times on market present challenges for both parties.

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Key Trends:

1. Housing Inventory and Demand:

   • Active residential listings in Hampton Roads have increased slightly year-over-year, but inventory remains tight, with just 1.72 months of supply. This favors sellers by maintaining competition among buyers​

     
     

2. Home Prices:

   • The median home price as of early 2024 is $320,500, reflecting steady growth despite seasonal dips. This trend supports sellers looking to maximize returns but challenges buyers facing affordability issues​

     
     

3. Mortgage Rates:

   • Elevated mortgage rates, hovering around 7%, have slowed buyer activity and deterred homeowners from selling, especially those with low-rate mortgages. This contributes to reduced market fluidity, making it harder for sellers to attract offers quickly​

     
     

4. Time on Market:

   • Homes are staying on the market longer than in recent years, with a median of 32 days, the highest in over three years. This gives buyers slightly more negotiating power but still reflects a constrained market​

   
   
   
   

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Conclusion:

The Hampton Roads market leans toward sellers due to low inventory and increasing home prices. However, rising mortgage rates and longer sale times introduce complexities, providing cautious opportunities for buyers. For both groups, working with knowledgeable local professionals is key to navigating this evolving market.

Buyers, don't be discouraged! We have tons of strategies to get you into a home despite the trends!