The Long & Foster Market Minute

Focus On: Chelsea, Ghent, and Neon District Housing Market September 2021

Zip Code(s): 23507, 23517, 23510
Units Sold
43
Active Inventory
71
Median Sale Price
$271,000
Days On Market
36
Up
Vs. Year Ago
Down -19%
Vs. Year Ago
Down -7%
Vs. Year Ago
Down -67%
Vs. Year Ago

Units Sold
There was an increase in total units sold in September, with 43 sold this month in Chelsea, Ghent, and Neon District Real Estate. This month's total units sold was higher than at this time last year.

Active Inventory
Versus last year, the total number of homes available this month is lower by 17 units or 19%. The total number of active inventory this September was 71 compared to 88 in September 2020. This month's total of 71 is lower than the previous month's total supply of available inventory of 89, a decrease of 20%.

Median Sale Price
Last September, the median sale price for Chelsea, Ghent, and Neon District Homes was $291,250. This September, the median sale price was $271,000, a decrease of 7% or $20,250 compared to last year. The current median sold price is 7% lower than in August.

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


New Listings
39
Current Contracts
51
Sold Vs. List Price
99.5%
Months of Supply
1.7
No Change
Vs. Year Ago
Up 50%
Vs. Year Ago
Up 2%
Vs. Year Ago
Down -47%
Vs. Year Ago

Months of Supply
In September, there was 1.7 months of supply available in Chelsea, Ghent, and Neon District, compared to 3.1 in September 2020. That is a decrease of 47% 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 39 homes newly listed for sale in Chelsea, Ghent, and Neon District, which is similar to the amount in September 2020. There were 51 current contracts pending sale this September compared to 34 a year ago. The number of current contracts is 50% higher than last September.

Sale Price to List Price Ratio
In September, the average sale price in Chelsea, Ghent, and Neon District was 99.5% of the average list price, which is 2.0% higher than at this time last year.

Days on Market
This month, the average number of days on market was 36, lower than the average last year, which was 109, a decrease of 67%.

The Long & Foster Market Minute Chelsea, Ghent, and Neon District are defined as properties listed in zip code/s 23507, 23517, 23510.
*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.