The Long & Foster Market Minute

FOCUS ON: CITY OF STAUNTON HOUSING MARKET SEPTEMBER 2024

Units Sold
34
Active Inventory
77
Median Sale Price
$357,500
Days On Market
33
No Change
Vs. Year Ago
Down -21%
Vs. Year Ago
Up
Vs. Year Ago
Up 43%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in September, with 34 sold this month in City of Staunton Real Estate, a decrease of 31%. This month's total units sold is similar compared to a year ago.

Active Inventory
Versus last year, the total number of homes available this month is lower by 21 units or 21%. The total number of active inventory this September was 77 compared to 98 in September 2023. This month's total of 77 is lower than the previous month's total supply of available inventory of 88, a decrease of 13%.

Median Sale Price
Due to the relatively small number of units sold, the median sale price showed significant change this month. Last September, the median sale price for City of Staunton Homes was $252,450. This September, the median sale price was $357,500, an increase of $105,050 compared to last year. The current median sold price is higher 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
48
Current Contracts
55
Sold Vs. List Price
99.3%
Months of Supply
2.3
Down -4%
Vs. Year Ago
Up 38%
Vs. Year Ago
Down -1.5%
Vs. Year Ago
Down -22%
Vs. Year Ago

Months of Supply
In September, there was 2.3 months of supply available in City of Staunton, compared to 2.9 in September 2023. That is a decrease of 21% 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 48 homes newly listed for sale in City of Staunton compared to 50 in September 2023, a decrease of 4%. There were 55 current contracts pending sale this September compared to 40 a year ago. The number of current contracts is 38% higher than last September.

Sale Price to List Price Ratio
In September, the average sale price in City of Staunton was 99.3% 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 33, higher than the average last year, which was 23, an increase of 43%.

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 CGAHR 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 CGAHR or Long & Foster Real Estate, Inc.