The Long & Foster Market Minute

FOCUS ON: CHESTERFIELD COUNTY AND COLONIAL HEIGHTS CITY HOUSING MARKET MAY 2024

Units Sold
569
Active Inventory
771
Median Sale Price
$415,000
Days On Market
22
Up 14%
Vs. Year Ago
Up 3%
Vs. Year Ago
Up 6%
Vs. Year Ago
Up 29%
Vs. Year Ago

Units Sold
There was an increase in total units sold in May, with 569 sold this month in Chesterfield County and Colonial Heights City Real Estate versus 477 last month, an increase of 19%. This month's total units sold was higher than at this time last year, an increase of 14% versus May 2023.

Active Inventory
Versus last year, the total number of homes available this month is higher by 21 units or 3%. The total number of active inventory this May was 771 compared to 750 in May 2023. This month's total of 771 is lower than the previous month's total supply of available inventory of 778, a decrease of 1%.

Median Sale Price
Last May, the median sale price for Chesterfield County and Colonial Heights City Homes was $390,000. This May, the median sale price was $415,000, an increase of 6% or $25,000 compared to last year. The current median sold price is 2% 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
616
Current Contracts
536
Sold Vs. List Price
101.9%
Months of Supply
1.4
Down -5%
Vs. Year Ago
Down -7%
Vs. Year Ago
Down -1.4%
Vs. Year Ago
Down -9%
Vs. Year Ago

Months of Supply
In May, there was 1.4 months of supply available in Chesterfield County and Colonial Heights City, compared to 1.5 in May 2023. That is a decrease of 10% 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 616 homes newly listed for sale in Chesterfield County and Colonial Heights City compared to 647 in May 2023, a decrease of 5%. There were 536 current contracts pending sale this May compared to 574 a year ago. The number of current contracts is 7% lower than last May.

Sale Price to List Price Ratio
In May, the average sale price in Chesterfield County and Colonial Heights City was 101.9% of the average list price, which is 1.5% lower than at this time last year.

Days on Market
This month, the average number of days on market was 22, higher than the average last year, which was 17, an increase of 29%.

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 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.