The Long & Foster Market Minute

Focus On: Hanover County Housing Market July 2022

Units Sold
155
Active Inventory
273
Median Sale Price
$464,000
Days On Market
16
Down -28%
Vs. Year Ago
Down -16%
Vs. Year Ago
Up 22%
Vs. Year Ago
Up 33%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in July, with 155 sold this month in Hanover County Real Estate versus 196 last month, a decrease of 21%. This month's total units sold was lower than at this time last year, a decrease of 28% versus July 2021.

Active Inventory
Versus last year, the total number of homes available this month is lower by 52 units or 16%. The total number of active inventory this July was 273 compared to 325 in July 2021. This month's total of 273 is lower than the previous month's total supply of available inventory of 279, a decrease of 2%.

Median Sale Price
Last July, the median sale price for Hanover County Homes was $380,050. This July, the median sale price was $464,000, an increase of 22% or $83,950 compared to last year. The current median sold price is 8% higher than in June.

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


New Listings
142
Current Contracts
120
Sold Vs. List Price
101.9%
Months of Supply
1.8
Down -36%
Vs. Year Ago
Down -38%
Vs. Year Ago
No Change
Vs. Year Ago
Up 16%
Vs. Year Ago

Months of Supply
In July, there was 1.8 months of supply available in Hanover County, compared to 1.5 in July 2021. That is an increase of 16% 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 142 homes newly listed for sale in Hanover County compared to 222 in July 2021, a decrease of 36%. There were 120 current contracts pending sale this July compared to 194 a year ago. The number of current contracts is 38% lower than last July.

Sale Price to List Price Ratio
In July, the average sale price in Hanover County was 101.9% 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 16, higher than the average last year, which was 12, an increase of 33%.

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.