The Long & Foster Market Minute

Focus On: Midlothian Housing Market August 2019

Zip Code(s): 23112, 23114 and 23113
Units Sold
202
Active Inventory
411
Median Sale Price
$323,600
Days On Market
34
Down -1%
Vs. Year Ago
Down -36%
Vs. Year Ago
Up 2%
Vs. Year Ago
Down -3%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in August, with 202 sold this month in Midlothian Real Estate versus 221 last month, a decrease of 9%. This month's total units sold was lower than at this time last year, a decrease of 1% versus August 2018.

Active Inventory
Versus last year, the total number of homes available this month is lower by 230 units or 36%. The total number of active inventory this August was 411 compared to 641 in August 2018. This month's total of 411 is lower than the previous month's total supply of available inventory of 460, a decrease of 11%.

Median Sale Price
Last August, the median sale price for Midlothian Homes was $316,000. This August, the median sale price was $323,600, an increase of 2% or $7,600 compared to last year. The current median sold price is 2% lower than in July.

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


New Listings
221
Current Contracts
193
Sold Vs. List Price
99.7%
Months of Supply
2.0
Down -12%
Vs. Year Ago
Up 37%
Vs. Year Ago
No Change
Vs. Year Ago
Down -35%
Vs. Year Ago

Months of Supply
In August, there was 2.0 months of supply available in Midlothian, compared to 3.1 in August 2018. That is a decrease of 35% 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 221 homes newly listed for sale in Midlothian compared to 251 in August 2018, a decrease of 12%. There were 193 current contracts pending sale this August compared to 141 a year ago. The number of current contracts is 37% higher than last August.

Sale Price to List Price Ratio
In August, the average sale price in Midlothian was 99.7% 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 34, lower than the average last year, which was 35, a decrease of 3%.

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.