The Long & Foster Market Minute

FOCUS ON: KING GEORGE COUNTY HOUSING MARKET MAY 2024

Units Sold
39
Active Inventory
60
Median Sale Price
$470,000
Days On Market
34
Up
Vs. Year Ago
Down -18%
Vs. Year Ago
Up 2%
Vs. Year Ago
Up
Vs. Year Ago

Units Sold
With relatively few transactions, there was an increase in total units sold in May, with 39 sold this month in King George County Real Estate. This month's total units sold was higher than at this time last year, an increase from May 2023.

Active Inventory
Versus last year, the total number of homes available this month is lower by 13 units or 18%. The total number of active inventory this May was 60 compared to 73 in May 2023. This month's total of 60 is lower than the previous month's total supply of available inventory of 72, a decrease of 17%.

Median Sale Price
Last May, the median sale price for King George County Homes was $461,000. This May, the median sale price was $470,000, an increase of 2% or $9,000 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
38
Current Contracts
43
Sold Vs. List Price
99.7%
Months of Supply
1.5
Down -24%
Vs. Year Ago
Up 13%
Vs. Year Ago
Down -0.8%
Vs. Year Ago
Down -41%
Vs. Year Ago

Months of Supply
In May, there was 1.5 months of supply available in King George County, compared to 2.6 in May 2023. That is a decrease of 41% 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 38 homes newly listed for sale in King George County compared to 50 in May 2023, a decrease of 24%. There were 43 current contracts pending sale this May compared to 38 a year ago. The number of current contracts is 13% higher than last May.

Sale Price to List Price Ratio
In May, the average sale price in King George County was 99.7% 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 34, higher than the average last year, which was 21. This increase was impacted by the limited number of sales.

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 BRIGHTMLS 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 BRIGHTMLS or Long & Foster Real Estate, Inc.