The Long & Foster Market Minute

Focus On: Hanover County Housing Market June 2020

Units Sold
189
Active Inventory
345
Median Sale Price
$323,000
Days On Market
35
Up 17%
Vs. Year Ago
Down -35%
Vs. Year Ago
Down -1%
Vs. Year Ago
Up 13%
Vs. Year Ago

Units Sold
There was an increase in total units sold in June, with 189 sold this month in Hanover County Real Estate versus 178 last month, an increase of 6%. This month's total units sold was higher than at this time last year, an increase of 17% versus June 2019.

Active Inventory
Versus last year, the total number of homes available this month is lower by 186 units or 35%. The total number of active inventory this June was 345 compared to 531 in June 2019. This month's total of 345 is lower than the previous month's total supply of available inventory of 393, a decrease of 12%.

Median Sale Price
Last June, the median sale price for Hanover County Homes was $325,000. This June, the median sale price was approximately the same at $323,000. The current median sold price is 1% lower than in June 2019.

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


New Listings
226
Current Contracts
222
Sold Vs. List Price
99.5%
Months of Supply
1.8
Down -7%
Vs. Year Ago
Up 19%
Vs. Year Ago
No Change
Vs. Year Ago
Down -45%
Vs. Year Ago

Months of Supply
In June, there was 1.8 months of supply available in Hanover County, compared to 3.3 in June 2019. That is a decrease of 45% 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 226 homes newly listed for sale in Hanover County compared to 244 in June 2019, a decrease of 7%. There were 222 current contracts pending sale this June compared to 187 a year ago. The number of current contracts is 19% higher than last June.

Sale Price to List Price Ratio
In June, the average sale price in Hanover County was 99.5% of the average list price, which is similar compared to a year ago.

Days on Market
This month, the average number of days on market was 35, higher than the average last year, which was 31, an increase of 13%.

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.