The Long & Foster Market Minute

FOCUS ON: MIDLOTHIAN HOUSING MARKET APRIL 2024

Zip Code(s): 23112, 23114 and 23113
Units Sold
150
Active Inventory
185
Median Sale Price
$454,688
Days On Market
18
Up
Vs. Year Ago
Up 1%
Vs. Year Ago
Up 2%
Vs. Year Ago
Up 38%
Vs. Year Ago

Units Sold
There was an increase in total units sold in April, with 150 sold this month in Midlothian Real Estate. This month's total units sold was higher than at this time last year.

Active Inventory
Versus last year, the total number of homes available this month is higher by 2 units or 1%. The total number of active inventory this April was 185 compared to 183 in April 2023. This month's total of 185 is lower than the previous month's total supply of available inventory of 188, a decrease of 2%.

Median Sale Price
Last April, the median sale price for Midlothian Homes was $445,000. This April, the median sale price was $454,688, an increase of 2% or $9,688 compared to last year. The current median sold price is 3% higher 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
202
Current Contracts
183
Sold Vs. List Price
102.8%
Months of Supply
1.2
Up 13%
Vs. Year Ago
Up 20%
Vs. Year Ago
Down -0.8%
Vs. Year Ago
Down -32%
Vs. Year Ago

Months of Supply
In April, there was 1.2 months of supply available in Midlothian, compared to 1.8 in April 2023. That is a decrease 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 202 homes newly listed for sale in Midlothian compared to 179 in April 2023, an increase of 13%. There were 183 current contracts pending sale this April compared to 153 a year ago. The number of current contracts is 20% higher than last April.

Sale Price to List Price Ratio
In April, the average sale price in Midlothian was 102.8% 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 18, higher than the average last year, which was 13, an increase of 38%.

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.