The real estate market is always a hot topic, and the November 2024 Market Review provides some fascinating insights into the current trends. This detailed analysis focuses on residential detached, residential attached, and condo/co-op properties in the Southside and Peninsula areas of Hampton Roads, covering nine selected cities/counties. The data compares the year-to-date statistics from January through November 2024 with the same period in 2023, offering a clear picture of the market’s trajectory.
Key Highlights from the November 2024 Market Review
Median Sales Price
- 2024: $340,000
- 2023: $324,000
- Change: +4.9% The median sales price has seen a notable increase of 4.9%, rising from $324,000 in 2023 to $340,000 in 2024. This upward trend indicates growing demand and a robust market.
Settled Sales
- 2024: 19,067
- 2023: 19,329
- Change: -1.4% Despite a slight decrease of 1.4% in settled sales, from 19,329 in 2023 to 19,067 in 2024, the market remains relatively stable.
Median Days on Market
- 2024: 17 days
- 2023: 13 days
- Change: +30.8% Homes are staying on the market longer, with the median days on market increasing by 30.8%, from 13 days in 2023 to 17 days in 2024. This could suggest a shift in buyer behavior.
Average % of List Price Received
- 2024: 100.1%
- 2023: 100.6%
- Change: -0.5% Sellers are still receiving close to their asking prices, with a slight decrease of 0.5% in the average percentage of list price received, from 100.6% in 2023 to 100.1% in 2024.
Median Sold $/SqFt
- 2024: $202
- 2023: $192
- Change: +5.2% The median sold price per square foot has increased by 5.2%, from $192 in 2023 to $202 in 2024, reflecting a rise in property values.
New Listings
- 2024: 25,705
- 2023: 24,111
- Change: +6.6% There has been a 6.6% increase in new listings, from 24,111 in 2023 to 25,705 in 2024, indicating a healthy influx of properties entering the market.
Why This Data Matters
Understanding these market trends is crucial for both buyers and sellers. For buyers, the increase in median sales price and price per square foot suggests that investing in property now could yield significant returns in the future. For sellers, the high percentage of list price received and the increase in new listings indicate a competitive market where properties are in demand.
This comprehensive review of the November 2024 market provides valuable insights for anyone involved in the real estate market, whether you’re looking to buy, sell, or simply stay informed about market trends. Keep an eye on these metrics as they can help guide your real estate decisions in the coming months.
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