NEW KENT COUNTY HOUSING MARKET DATA

With relatively few transactions, there was an increase in total units sold in March, with 38 sold this month in New Kent County Real Estate. This month's total units sold was lower than at this time last year, a decrease from March 2024.

Versus last year, the total number of homes available this month is higher by 25 units or 27%. The total number of active inventory this March was 118 compared to 93 in March 2024. This month's total of 118 is lower than the previous month's total supply of available inventory of 123, a decrease of 4%.

Last March, the median sale price for New Kent County Homes was $394,990. This March, the median sale price was $459,925, an increase of 16% or $64,935 compared to last year. The current median sold price is 2% higher than in February.

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

In March, there was 3.1 months of supply available in New Kent County, compared to 2.4 in March 2024. That is an increase of 30% 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.

This month there were 58 homes newly listed for sale in New Kent County compared to 43 in March 2024, an increase of 35%. There were 52 current contracts pending sale this March, consistent with the volume a year ago. The number of current contracts is 53% higher than last month.

In March, the average sale price in New Kent County was 98.2% of the average list price, which is 4.5% lower than at this time last year.

This month, the average number of days on market was 60, higher than the average last year, which was 39. This increase was impacted by the limited number of sales.





FOCUS ON: NEW KENT COUNTY HOUSING MARKET			MARCH 2025

Units Sold 38	Active Inventory 118	Median Sale Price $459,925	Days On Market 60

Down Vs. Year Ago	Up 27% Vs. Year Ago	Up 16% Vs. Year Ago	Up Vs. Year Ago


		Units Sold With relatively few transactions, there was an increase in total units sold in March, with 38 sold this month in New Kent County Real Estate. This month's total units sold was lower than at this time last year, a decrease from March 2024.
Active Inventory Versus last year, the total number of homes available this month is higher by 25 units or 27%. The total number of active inventory this March was 118 compared to 93 in March 2024. This month's total of 118 is lower than the previous month's total supply of available inventory of 123, a decrease of 4%.
		Median Sale Price Last March, the median sale price for New Kent County Homes was $394,990. This March, the median sale price was $459,925, an increase of 16% or $64,935 compared to last year. The current median sold price is 2% higher than in February. Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.



New Listings 58	Current Contracts 52	Sold Vs. List Price 98.2%	Months of Supply 3.1

Up 35% Vs. Year Ago	No Change Vs. Year Ago	Down -4.4% Vs. Year Ago	Up 31% Vs. Year Ago


		Months of Supply In March, there was 3.1 months of supply available in New Kent County, compared to 2.4 in March 2024. That is an increase of 30% 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 58 homes newly listed for sale in New Kent County compared to 43 in March 2024, an increase of 35%. There were 52 current contracts pending sale this March, consistent with the volume a year ago. The number of current contracts is 53% higher than last month.
		Sale Price to List Price Ratio In March, the average sale price in New Kent County was 98.2% of the average list price, which is 4.5% lower than at this time last year. Days on Market This month, the average number of days on market was 60, higher than the average last year, which was 39. This increase was impacted by the limited number of sales.



	*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.
	Information 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.