Third generation realtor Wendy Hogge of Gloucester said she’s never seen a real estate market like the current one.
“There’s such a lack of listings,” said Hogge. “Right now, we’re up on values but down on sales because there are no listings.”
Statistics shared by Hogge from the Chesapeake Bay & Rivers housing market show that there was a 25 percent drop in home sales on the Middle Peninsula between the second quarter of 2022 and this year. Only 322 homes have been sold across the area this quarter, as opposed to 430 homes sold during the same quarter last year.
While Gloucester sold 10 fewer homes this year than last year, a 6 percent decrease, Mathews saw a whopping 42 percent decline in sales, she said, from 78 homes during the second quarter of 2022 to 45 homes this quarter. There are 15 percent fewer active listings this year than there were a year ago, and there’s very little new construction occurring.
“Who’s gonna list their house when they don’t have one to buy?” said Hogg...