The Long & Foster Market Minute

Focus On: Chesapeake City Housing Market March 2021

Units Sold
433
Active Inventory
261
Median Sale Price
$319,000
Days On Market
21
Up 7%
Vs. Year Ago
Down -75%
Vs. Year Ago
Up 8%
Vs. Year Ago
Down -51%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 433 sold this month in Chesapeake City Real Estate versus 330 last month, an increase of 31%. This month's total units sold was higher than at this time last year, an increase of 7% versus March 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 779 units or 75%. The total number of active inventory this March was 261 compared to 1,040 in March 2020. This month's total of 261 is lower than the previous month's total supply of available inventory of 382, a decrease of 32%.

Median Sale Price
Last March, the median sale price for Chesapeake City Homes was $295,000. This March, the median sale price was $319,000, an increase of 8% or $24,000 compared to last year. The current median sold price is 6% higher than in February.

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


New Listings
578
Current Contracts
643
Sold Vs. List Price
101.3%
Months of Supply
0.6
Down -10%
Vs. Year Ago
Up 39%
Vs. Year Ago
Up 1.5%
Vs. Year Ago
Down -77%
Vs. Year Ago

Months of Supply
In March, there was 0.6 months of supply available in Chesapeake City, compared to 2.6 in March 2020. That is a decrease of 77% 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
This month there were 578 homes newly listed for sale in Chesapeake City compared to 640 in March 2020, a decrease of 10%. There were 643 current contracts pending sale this March compared to 461 a year ago. The number of current contracts is 39% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Chesapeake City was 101.3% of the average list price, which is 1.5% higher than at this time last year.

Days on Market
This month, the average number of days on market was 21, lower than the average last year, which was 43, a decrease of 51%.

The Long & Foster Market Minute
*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.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by REIN 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 REIN or Long & Foster Real Estate, Inc.