Focus On: August 2019 Midlothian Housing Market

[Pages:2]Focus On: Midlothian Housing Market

Zip Code(s): 23112, 23114 and 23113

Units Sold

195

Active Inventory

179

320 270 220 170 120

70 J-20 N-20 M-21 J-21 N-21 M-22 J-22

320 270 220 170 120

70 J-20 N-20 M-21 J-21 N-21 M-22 J-22

Down -18% Vs. Year Ago

Down -2% Vs. Year Ago

Median Sale Price

$410,000

500,000 450,000 400,000 350,000 300,000 250,000 200,000

J-20 N-20 M-21 J-21 N-21 M-22 J-22

Up 11% Vs. Year Ago

July 2022

Days On Market

9

35 30 25 20 15 10

5 0

J-20 N-20 M-21 J-21 N-21 M-22 J-22

Up 13% Vs. Year Ago

Units Sold*

250

Sold Detached

Sold Attached

Units Sold

200

There was a decrease in total units sold in July, with 195 sold

this month in Midlothian versus 199 last month, a decrease of 2%.

150

This month's total units sold was lower than at this time last year,

a decrease of 18% versus July 2021.

100

50

0

350

300

250

Active Inventory 200 150

Versus last year, the total number of homes available this month is lower by 3 units or 2%. The total number of active inventory this 100

July was 179 compared to 182 in July 2021. This month's total of

50

179 is lower than the previous month's total supply of available

0

inventory of 184, a decrease of 3%.

Active Inventory*

Active Detached

Active Attached

Active Condo/ Coop

600,000 400,000 200,000

0

Median Sale Price

Jul-21 $370,000

Jul-22 $410,000

Median Sale Price

Last July, the median sale price for Midlothian Homes was $370,000. This July, the median sale price was $410,000, an increase of 11% or $40,000 compared to last year. The current median sold price is 9% lower than in June.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.

Midlothian are defined as properties listed in zip code/s 23112, 23114 and 23113.

*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates. Information included in this report is based on data supplied by CVRMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of CVRMLS or Long & Foster Real Estate, Inc.

Focus On: Midlothian Housing Market

Zip Code(s): 23112, 23114 and 23113

New Listings

Current Contracts

195

189

320 270 220 170 120

70 J-20 N-20 M-21 J-21 N-21 M-22 J-22

320 270 220 170 120

70 J-20 N-20 M-21 J-21 N-21 M-22 J-22

Sold Vs. List Price

103.3%

110.0% 108.0% 106.0% 104.0% 102.0% 100.0%

98.0% 96.0% 94.0%

J-20 N-20 M-21 J-21 N-21 M-22 J-22

Down -21% Vs. Year Ago

Down -14% Vs. Year Ago

Down -1.1% Vs. Year Ago

July 2022

Months of Supply

0.9

1.4 1.2 1.0 0.8 0.6 0.4 0.2 0.0

J-20 N-20 M-21 J-21 N-21 M-22 J-22

Up 21% Vs. Year Ago

1.3 1.2

1.3 1.3 1.1 0.9 1.3 1.1 0.9 0.7 0.6 0.7 0.8 0.6 0.8 0.7 0.6 0.6 0.9 1.3 0.9 0.8 0.9 0.9 0.9

Months Of Supply

1.40 1.20 1.00 0.80 0.60 0.40 0.20 0.00

Months of Supply

In July, there was 0.9 months of supply available in Midlothian, compared to 0.8 in July 2021. That is an increase of 21% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts

Number of New Listings

Total Pending

350

300

New Listings & Current Contracts 250

This month there were 195 homes newly listed for sale in 200

Midlothian compared to 247 in July 2021, a decrease of 21%. 150 There were 189 current contracts pending sale this July compared

100

to 221 a year ago. The number of current contracts remained stable as compared to last July. 50

0

110% 108% 106% 104% 102% 100%

98% 96% 94%

Sale Price/ List Price & DOM

Avg Sale / Avg List

Average DOM

35

30 Sale Price to List Price Ratio

25 In July, the average sale price in Midlothian was 103.3% of the 20 average list price, which is 1.1% lower than at this time last year.

15

10

5 Days On Market

0

This month, the average number of days on market was 9, higher

than the average last year, which was 8, an increase of 13%.

Midlothian are defined as properties listed in zip code/s 23112, 23114 and 23113.

*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates. Information included in this report is based on data supplied by CVRMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of CVRMLS or Long & Foster Real Estate, Inc.

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