One of the best things about being Hampton Roads’ Number One Real Estate Resource, is our commitment to sharing what is going on in the local real estate marketplace. The absorption rate of current inventory is a good indicator of where the housing market stands and one of the regular reports our team produces for our agents.
According to our research, Hampton Roads is currently in a Balanced Market – where there is eight months or less of inventory in a given price range. While each city and area has its own absorption rate home owners in Virginia Beach, Chesapeake, Suffolk, and Newport News are seeing the best market times depending on the price point of the property. The shortest absorption rate within these cities will have a price point under $300,000 – making it an ideal time for people to move up and first time home buyers to move into the market.
Want to know where your home stands in the Hampton Roads market? Speak to one of our REALTORS® or our Customer Service Center at 1-800-695-7356.