The Long & Foster Market Minute

Focus On: New Kent County Housing Market June 2020

Units Sold
44
Active Inventory
124
Median Sale Price
$329,548
Days On Market
51
Up 5%
Vs. Year Ago
Down -29%
Vs. Year Ago
Up 15%
Vs. Year Ago
Up 34%
Vs. Year Ago

Units Sold
There was an increase in total units sold in June, with 44 sold this month in New Kent County Real Estate versus 36 last month, an increase of 22%. This month's total units sold was higher than at this time last year, an increase of 5% versus June 2019.

Active Inventory
Versus last year, the total number of homes available this month is lower by 51 units or 29%. The total number of active inventory this June was 124 compared to 175 in June 2019. This month's total of 124 is lower than the previous month's total supply of available inventory of 136, a decrease of 9%.

Median Sale Price
Last June, the median sale price for New Kent County Homes was $286,925. This June, the median sale price was $329,548, an increase of 15% or $42,623 compared to last year. The current median sold price is 4% 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
60
Current Contracts
57
Sold Vs. List Price
99.3%
Months of Supply
2.8
Up 7%
Vs. Year Ago
Up 78%
Vs. Year Ago
No Change
Vs. Year Ago
Down -32%
Vs. Year Ago

Months of Supply
In June, there was 2.8 months of supply available in New Kent County, compared to 4.2 in June 2019. 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 60 homes newly listed for sale in New Kent County compared to 56 in June 2019, an increase of 7%. There were 57 current contracts pending sale this June compared to 32 a year ago. The number of current contracts is 78% higher than last June.

Sale Price to List Price Ratio
In June, the average sale price in New Kent County was 99.3% 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 51, higher than the average last year, which was 38, an increase of 34%.

The Long & Foster Market Minute
*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.