NORTHERN NECK/MIDDLE PENINSULA HOUSING MARKET DATA

There was an increase in total units sold in April, with 114 sold this month in Northern Neck/Middle Peninsula Real Estate versus 96 last month, an increase of 19%. This month's total units sold was lower than at this time last year, a decrease of 10% versus April 2024.

Versus last year, the total number of homes available this month is higher by 81 units or 21%. The total number of active inventory this April was 467 compared to 386 in April 2024. This month's total of 467 is higher than the previous month's total supply of available inventory of 452, an increase of 3%.

Last April, the median sale price for Northern Neck/Middle Peninsula Homes was $372,500. This April, the median sale price was $354,340, a decrease of 5% or $18,160 compared to last year. The current median sold price is 11% 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.

In April, there was 4.1 months of supply available in Northern Neck/Middle Peninsula, compared to 3.1 in April 2024. That is an increase of 34% 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 210 homes newly listed for sale in Northern Neck/Middle Peninsula compared to 199 in April 2024, an increase of 6%. There were 145 current contracts pending sale this April compared to 167 a year ago. The number of current contracts is 13% lower than last April.

In April, the average sale price in Northern Neck/Middle Peninsula was 98.0% of the average list price, which is 0.6% lower than at this time last year.

This month, the average number of days on market was 67, lower than the average last year, which was 83, a decrease of 19%.





FOCUS ON: NORTHERN NECK/MIDDLE PENINSULA HOUSING MARKET			APRIL 2025

Units Sold 114	Active Inventory 467	Median Sale Price $354,340	Days On Market 67

Down -10% Vs. Year Ago	Up 21% Vs. Year Ago	Down -5% Vs. Year Ago	Down -19% Vs. Year Ago


		Units Sold There was an increase in total units sold in April, with 114 sold this month in Northern Neck/Middle Peninsula Real Estate versus 96 last month, an increase of 19%. This month's total units sold was lower than at this time last year, a decrease of 10% versus April 2024.
Active Inventory Versus last year, the total number of homes available this month is higher by 81 units or 21%. The total number of active inventory this April was 467 compared to 386 in April 2024. This month's total of 467 is higher than the previous month's total supply of available inventory of 452, an increase of 3%.
		Median Sale Price Last April, the median sale price for Northern Neck/Middle Peninsula Homes was $372,500. This April, the median sale price was $354,340, a decrease of 5% or $18,160 compared to last year. The current median sold price is 11% 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 210	Current Contracts 145	Sold Vs. List Price 98.0%	Months of Supply 4.1

Up 6% Vs. Year Ago	Down -13% Vs. Year Ago	Down -0.6% Vs. Year Ago	Up 34% Vs. Year Ago


		Months of Supply In April, there was 4.1 months of supply available in Northern Neck/Middle Peninsula, compared to 3.1 in April 2024. That is an increase of 34% 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 210 homes newly listed for sale in Northern Neck/Middle Peninsula compared to 199 in April 2024, an increase of 6%. There were 145 current contracts pending sale this April compared to 167 a year ago. The number of current contracts is 13% lower than last April.
		Sale Price to List Price Ratio In April, the average sale price in Northern Neck/Middle Peninsula was 98.0% of the average list price, which is 0.6% lower than at this time last year. Days on Market This month, the average number of days on market was 67, lower than the average last year, which was 83, a decrease of 19%.


	*Defined as the counties of Essex, Gloucester, Lancaster, Mathews, Middlesex, Northumberland, and Westmoreland in VA
	*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 CBRAR/NNAR/BRIGHTMLS 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 CBRAR/NNAR/BRIGHTMLS or Long & Foster Real Estate, Inc.