The Long & Foster Market Minute

FOCUS ON: HANOVER COUNTY HOUSING MARKET APRIL 2024

Units Sold
86
Active Inventory
283
Median Sale Price
$454,950
Days On Market
30
Down -4%
Vs. Year Ago
Down -7%
Vs. Year Ago
Up 6%
Vs. Year Ago
Down -32%
Vs. Year Ago

Units Sold
There was an increase in total units sold in April, with 86 sold this month in Hanover County Real Estate versus 83 last month, an increase of 4%. This month's total units sold was lower than at this time last year, a decrease of 4% versus April 2023.

Active Inventory
Versus last year, the total number of homes available this month is lower by 20 units or 7%. The total number of active inventory this April was 283 compared to 303 in April 2023. This month's total of 283 is higher than the previous month's total supply of available inventory of 274, an increase of 3%.

Median Sale Price
Last April, the median sale price for Hanover County Homes was $427,475. This April, the median sale price was $454,950, an increase of 6% or $27,475 compared to last year. The current median sold price is 9% lower than in March.

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


New Listings
166
Current Contracts
133
Sold Vs. List Price
101.3%
Months of Supply
3.3
Down -1%
Vs. Year Ago
Up 4%
Vs. Year Ago
Down -0.8%
Vs. Year Ago
No Change
Vs. Year Ago

Months of Supply
In April, there was 3.3 months of supply available in Hanover County. The amount of supply is similar compared to 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 166 homes newly listed for sale in Hanover County compared to 168 in April 2023, a decrease of 1%. There were 133 current contracts pending sale this April compared to 128 a year ago. The number of current contracts is 4% higher than last April.

Sale Price to List Price Ratio
In April, the average sale price in Hanover County was 101.3% of the average list price, which is 0.8% lower than at this time last year.

Days on Market
This month, the average number of days on market was 30, lower than the average last year, which was 44, a decrease of 32%.

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.