Meaning everything is perfect and going well in your life or current situation. Could be a question or a statement!!
Situation: You are in school and your friend asks you how your
day is going and your reply would be: "Oh it's all good in the hood"
or
Lets say you are on vacation, and you left your friends to watch your home and you want to check on things you could say " Hey are things all good in the hood?"
Usually a question or greeting offered to a friend. Variant, however, in that a number of different answers are acceptable depending on the situation. See examples.
1. "Hey Joe, whats good in the hood?"
"Hey hows it going?"
2. "Whats good in the hood, brah?"
"Nothin, dude. Just beer."
3. "Yo Norman, what's good in the hood?"
"To be perfectly honest, not alot. The reading gap between young blacks and whites in urban areas continues to widen due to lack of awareness among political elites. Unemployment's on the rise, stereotypes are being reinforced, crime's on the rise, and rap music is dying."