Chesapeake currently leans toward sellers, with the market gauge showing a seller’s market. Months of supply is just 2, indicating limited inventory relative to demand. Homes are spending a median of 26 days on the market in this rolling three-month view.
Prices have been edging upward, with the typical home value up about 3 percent year over year to roughly $418,000. At the same time, the share of homes selling above list is high at about 39 percent, and the average sale-to-list ratio is essentially at full asking price. These indicators point to buyers competing for desirable properties, even as more listings reach the market.
Inventory and activity have both grown compared with a year earlier, with active listings up slightly and homes sold rising about 10 percent in this three-month period. New listings increased modestly year over year as well, which gives buyers more options but has not been enough to shift bargaining power away from sellers. With homes often going under contract quickly and many closing at or above list, both buyers and sellers in Chesapeake can benefit from Agent Pronto’s help in finding an experienced local agent who understands these conditions.
