The Long & Foster Market Minute


Zip Code(s): 23831 and 23836
Units Sold
Active Inventory
Median Sale Price
Days On Market
Up 5%
Vs. Year Ago
Down -32%
Vs. Year Ago
Up 15%
Vs. Year Ago
Up 58%
Vs. Year Ago

Units Sold
There was an increase in total units sold in May, with 61 sold this month in Chester Real Estate versus 56 last month, an increase of 9%. This month's total units sold was higher than at this time last year, an increase of 5% versus May 2023.

Active Inventory
Versus last year, the total number of homes available this month is lower by 47 units or 32%. The total number of active inventory this May was 98 compared to 145 in May 2023. This month's total of 98 is lower than the previous month's total supply of available inventory of 119, a decrease of 18%.

Median Sale Price
Last May, the median sale price for Chester Homes was $340,000. This May, the median sale price was $390,000, an increase of 15% or $50,000 compared to last year. The current median sold price is 4% higher than in April.

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

New Listings
Current Contracts
Sold Vs. List Price
Months of Supply
Down -26%
Vs. Year Ago
No Change
Vs. Year Ago
Down -1.1%
Vs. Year Ago
Down -36%
Vs. Year Ago

Months of Supply
In May, there was 1.6 months of supply available in Chester, compared to 2.5 in May 2023. 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 67 homes newly listed for sale in Chester compared to 91 in May 2023, a decrease of 26%. There were 75 current contracts pending sale this May, consistent with the volume a year ago. The number of current contracts is 17% higher than last month.

Sale Price to List Price Ratio
In May, the average sale price in Chester was 100.2% of the average list price, which is 1.1% lower than at this time last year.

Days on Market
This month, the average number of days on market was 30, higher than the average last year, which was 19, an increase of 58%.

The Long & Foster Market Minute Chester are defined as properties listed in zip code/s 23831 and 23836.
*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 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.