Chesapeake Property Values Rise 7%, Sales Dynamics Vary in Recent Analysis

The Chesapeake real estate market has seen steady growth in property values, increasing by 7% over 11 months.

authorWritten by Manuel MartinezMar 20, 2024

The landscape of Chesapeake’s real estate market is constantly evolving, and recent data reveals some intriguing insights. Homebuyers and investors alike may find the latest trends informative as they navigate through the property market.

First, let’s dive into the average value of the properties in Chesapeake. We’ve seen a significant range from the lowest at approximately $360,000 in March of last year to the highest figure reaching nearly $385,000 in January of this year. This suggests a robust growth in property values within an 11-month period, showcasing an overall upward trajectory in the local real estate market. This growth represents an increase of about 7%, which is an attractive figure for anyone considering investing in property or looking for the right time to sell.

Market Report Chesapeake VA March 2024 - House Prices
Market Report Chesapeake VA March 2024 – House Prices

Moving forward with an analysis of value per square foot, we encounter a more diverse picture. It appears that the value per square foot in Chesapeake swings between $192 and $204, indicating that while the overall property values have climbed, the price of property per unit area experienced some month-to-month variability. This data is crucial for potential buyers who are looking for value in terms of the living space they can acquire.

Market Report Chesapeake VA March 2024 - Prices Per Sq Ft
Market Report Chesapeake VA March 2024 – Prices Per Sq Ft

Property Listings and Sales Dynamics

Now let’s focus on how many properties came onto the market. At its peak in October, there were 360 listings, while March was at the lower end with 279 properties. This variability in inventory levels might reflect seasonal trends or might be influenced by the local economic climate. However, the absence of a clear trend makes it challenging to predict how listing counts will behave in the future.

Meanwhile, the average sale price of homes mirrors the pattern seen in the overall property value, with an increasing trend peaking at $360,127 in February of this year. This is up from approximately $332,450 in April of the previous year, marking a roughly 8% increase. Home sellers may find this upward trend encouraging as it signifies that the market is favoring their interests with potential for lucrative sales.

On the other hand, the average sold price per square foot remains fairly consistent, indicating that while the overall market value of homes is increasing, the relative value per square foot is more stable. This can suggest that while buyers are spending more overall, they’re not necessarily paying significantly more for additional space.

Lastly, analyzing the number of sold homes in Chesapeake, we see a highest count in September, with 2,660 transactions, and a dip in June, down to 2,141 sales. The fluctuating numbers could be influenced by factors such as interest rate changes, economic shifts, and seasonal behaviors, but there’s no discernible trend predicting increasing or decreasing sales numbers.

Current State of the Market

Fast forwarding to the latest month in our dataset, February of this year, we currently have an average property value of $380,000 with the per square foot value hitting $204. With 282 properties listed, the market has a relatively tight supply compared to the highs and lows of the past year. February’s average sale price stands solidly at $360,127, which is somewhat expected following the upward trend observed over the previous year.

What’s particularly interesting is the average sold price per square foot at $198. This value underscores the earlier point about stability in this particular metric, which might appeal to buyers who are cautious about overpaying for space.

When it comes to the number of properties sold, there were 1,945 transactions. While not the highest number seen over the year, this volume suggests a healthy market with consistent activity.

In conclusion, Chesapeake’s real estate market presents a mix of steady growth in general property values and sale prices, alongside a stable cost per square foot, which reveals a balanced market growth that might cater to both the buyer’s and seller’s interests. The property count and sales volume data reflect a dynamic market that does not conform to a simple upward or downward trend, indicating the influence of various external factors on the real estate landscape. To engage effectively with this market, stakeholders would be wise to consider these trends as part of their decision-making strategies.

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