The Long & Foster Market Minute

Focus On: Chesapeake City Housing Market September 2021

Units Sold
518
Active Inventory
426
Median Sale Price
$335,000
Days On Market
20
Down -2%
Vs. Year Ago
Down -37%
Vs. Year Ago
Up 10%
Vs. Year Ago
Down -23%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in September, with 518 sold this month in Chesapeake City Real Estate versus 579 last month, a decrease of 11%. This month's total units sold was lower than at this time last year, a decrease of 2% versus September 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 247 units or 37%. The total number of active inventory this September was 426 compared to 673 in September 2020. This month's total of 426 is lower than the previous month's total supply of available inventory of 560, a decrease of 24%.

Median Sale Price
Last September, the median sale price for Chesapeake City Homes was $305,000. This September, the median sale price was approximately the same at $335,000. The current median sold price is 10% higher than in September 2020.

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


New Listings
552
Current Contracts
608
Sold Vs. List Price
101.5%
Months of Supply
0.8
Up 4%
Vs. Year Ago
Up 17%
Vs. Year Ago
Up 1.3%
Vs. Year Ago
Down -36%
Vs. Year Ago

Months of Supply
In September, there was 0.8 months of supply available in Chesapeake City, compared to 1.3 in September 2020. That is a decrease of 36% 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 552 homes newly listed for sale in Chesapeake City compared to 531 in September 2020, an increase of 4%. There were 608 current contracts pending sale this September compared to 518 a year ago. The number of current contracts is 17% higher than last September.

Sale Price to List Price Ratio
In September, the average sale price in Chesapeake City was 101.5% of the average list price, which is 1.4% higher than at this time last year.

Days on Market
This month, the average number of days on market was 20, lower than the average last year, which was 26, a decrease of 23%.

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.