The Long & Foster Market Minute

Focus On: Midlothian Housing Market April 2020

Zip Code(s): 23112, 23114 and 23113
Units Sold
Active Inventory
Median Sale Price
Days On Market
Down -6%
Vs. Year Ago
Down -35%
Vs. Year Ago
Up 5%
Vs. Year Ago
Up 4%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in April, with 164 sold this month in Midlothian Real Estate versus 181 last month, a decrease of 9%. This month's total units sold was lower than at this time last year, a decrease of 6% versus April 2019.

Active Inventory
Versus last year, the total number of homes available this month is lower by 194 units or 35%. The total number of active inventory this April was 354 compared to 548 in April 2019. This month's total of 354 is lower than the previous month's total supply of available inventory of 357, a decrease of 1%.

Median Sale Price
Last April, the median sale price for Midlothian Homes was $305,000. This April, the median sale price was $320,000, an increase of 5% or $15,000 compared to last year. The current median sold price is 4% 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
Current Contracts
Sold Vs. List Price
Months of Supply
Down -24%
Vs. Year Ago
Down -9%
Vs. Year Ago
Up 1%
Vs. Year Ago
Down -31%
Vs. Year Ago

Months of Supply
In April, there was 2.2 months of supply available in Midlothian, compared to 3.1 in April 2019. That is a decrease of 31% 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 228 homes newly listed for sale in Midlothian compared to 301 in April 2019, a decrease of 24%. There were 187 current contracts pending sale this April compared to 206 a year ago. The number of current contracts is 9% lower than last April.

Sale Price to List Price Ratio
In April, the average sale price in Midlothian was 100.6% of the average list price, which is 0.9% higher than at this time last year.

Days on Market
This month, the average number of days on market was 29, higher than the average last year, which was 28, an increase of 4%.

The Long & Foster Market Minute Midlothian are defined as properties listed in zip code/s 23112, 23114 and 23113.
*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.