The Long & Foster Market Minute

Focus On: Midlothian Housing Market June 2019

Zip Code(s): 23112, 23114 and 23113
Units Sold
243
Active Inventory
446
Median Sale Price
$319,500
Days On Market
29
Up 3%
Vs. Year Ago
Down -21%
Vs. Year Ago
Up 3%
Vs. Year Ago
Up 12%
Vs. Year Ago

Units Sold
There was an increase in total units sold in June, with 243 sold this month in Midlothian Real Estate versus 208 last month, an increase of 17%. This month's total units sold was higher than at this time last year, an increase of 3% versus June 2018.

Active Inventory
Versus last year, the total number of homes available this month is lower by 121 units or 21%. The total number of active inventory this June was 446 compared to 567 in June 2018. This month's total of 446 is lower than the previous month's total supply of available inventory of 495, a decrease of 10%.

Median Sale Price
Last June, the median sale price for Midlothian Homes was $309,950. This June, the median sale price was $319,500, an increase of 3% or $9,550 compared to last year. The current median sold price is 3% higher than in May.

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


New Listings
252
Current Contracts
231
Sold Vs. List Price
99.9%
Months of Supply
1.8
Down -5%
Vs. Year Ago
Up 13%
Vs. Year Ago
No Change
Vs. Year Ago
Down -24%
Vs. Year Ago

Months of Supply
In June, there was 1.8 months of supply available in Midlothian, compared to 2.4 in June 2018. That is a decrease of 24% 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 252 homes newly listed for sale in Midlothian compared to 265 in June 2018, a decrease of 5%. There were 231 current contracts pending sale this June compared to 204 a year ago. The number of current contracts is 13% higher than last June.

Sale Price to List Price Ratio
In June, the average sale price in Midlothian was 99.9% 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 29, higher than the average last year, which was 26, an increase of 12%.

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.