The Long & Foster Market Minute

FOCUS ON: MIDLOTHIAN HOUSING MARKET SEPTEMBER 2024

Zip Code(s): 23112, 23114 and 23113
Units Sold
119
Active Inventory
233
Median Sale Price
$434,900
Days On Market
21
Down -16%
Vs. Year Ago
Up 10%
Vs. Year Ago
Up 1%
Vs. Year Ago
Up 17%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in September, with 119 sold this month in Midlothian Real Estate versus 148 last month, a decrease of 20%. This month's total units sold was lower than at this time last year, a decrease of 16% versus September 2023.

Active Inventory
Versus last year, the total number of homes available this month is higher by 22 units or 10%. The total number of active inventory this September was 233 compared to 211 in September 2023. This month's total of 233 is lower than the previous month's total supply of available inventory of 245, a decrease of 5%.

Median Sale Price
Last September, the median sale price for Midlothian Homes was $432,500. This September, the median sale price was $434,900, an increase of 1% or $2,400 compared to last year. The current median sold price is 4% higher than in August.

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


New Listings
150
Current Contracts
132
Sold Vs. List Price
100.4%
Months of Supply
2.0
Up 1%
Vs. Year Ago
Up 13%
Vs. Year Ago
Down -0.8%
Vs. Year Ago
Up 32%
Vs. Year Ago

Months of Supply
In September, there was 2.0 months of supply available in Midlothian, compared to 1.5 in September 2023. That is an increase of 32% 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 150 homes newly listed for sale in Midlothian compared to 148 in September 2023, an increase of 1%. There were 132 current contracts pending sale this September compared to 117 a year ago. The number of current contracts is 13% higher than last September.

Sale Price to List Price Ratio
In September, the average sale price in Midlothian was 100.4% 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 21, higher than the average last year, which was 18, an increase of 17%.

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.