How's the Market?
I get this question all the time as a real estate agent. Rather than taking one agent's word for how it is giving a general idea, it's better to look at the data, and there are some strong sources that I can point to for exactly that. First I'll share the median sales price, from the past year as well as since 2009 pulled directly from REIN MLS, the main Hampton Roads MLS. Then I'll share the median days on market.
If looking beyond Hampton Roads, here is a link for which MLS is used most in SE VA cities/counties as of the time I pulled the numbers. Here are some additional resources for the market stats by MLS, though sometimes not as comprehensive or user friendly as the information available further below for Hampton Roads.
1. Mathews, Gloucester (though REIN has more properties in Gloucester), & other parts of the middle Peninsula (Chesapeake Bay and Rivers Association of REALTORS®)
2. Richmond, Petersburg, & other parts of the Central Virginia region surrounding Richmond/Petersburg (Central Virginia Regional MLS)
3. Northern Neck MLS & some other local associations, in partnership with the Virginia Association of Realtors, produces quarterly housing reports like this one for Northern Neck MLS for quarter 2, 2022 that I get in the event that anyone would like an up-to-date version for an MLS in SE VA where I have access via membership or otherwise (Northern Neck, REIN, Williamsburg MLS, Chesapeake Bay Area Regional MLS, and Central Virginia Regional MLS).
4. In areas with high crossover MLS (i.e. Gloucester & Williamsburg), and in areas without great resources to regularly go for reports from the above, it's often possible for me to generate market reports for clients & customers who ask. Please let me know if you'd like me to email that to you for a location in SE VA (or outside of SE VA if you're also having me refer you to an agent there, such as this report for Tampa in Florida from 10/20/22).
Seasonal Trends & Macro Trends
Whether the market is going up or down on a macro level, typically you'll find a low in January (or close to it) & a high in June (or close to it) on an annual basis.