NORTHERN NECK/MIDDLE PENINSULA HOUSING MARKET DATA

There was an increase in total units sold in May, with 134 sold this month in Northern Neck/Middle Peninsula Real Estate versus 117 last month, an increase of 15%. This month's total units sold was lower than at this time last year, a decrease of 17% versus May 2024.

Versus last year, the total number of homes available this month is higher by 88 units or 22%. The total number of active inventory this May was 491 compared to 403 in May 2024. This month's total of 491 is lower than the previous month's total supply of available inventory of 497, a decrease of 1%.

Last May, the median sale price for Northern Neck/Middle Peninsula Homes was $350,000. This May, the median sale price was $379,500, an increase of 8% or $29,500 compared to last year. The current median sold price is 7% higher than in April.

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

In May, there was 3.7 months of supply available in Northern Neck/Middle Peninsula, compared to 2.5 in May 2024. That is an increase of 47% 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 228 homes newly listed for sale in Northern Neck/Middle Peninsula compared to 206 in May 2024, an increase of 11%. There were 183 current contracts pending sale this May compared to 142 a year ago. The number of current contracts is 29% higher than last May.

In May, the average sale price in Northern Neck/Middle Peninsula was 97.8% of the average list price, which is 0.5% higher than at this time last year.

This month, the average number of days on market was 69, higher than the average last year, which was 55, an increase of 25%.





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

Units Sold 134	Active Inventory 491	Median Sale Price $379,500	Days On Market 69

Down -17% Vs. Year Ago	Up 22% Vs. Year Ago	Up 8% Vs. Year Ago	Up 25% Vs. Year Ago


		Units Sold There was an increase in total units sold in May, with 134 sold this month in Northern Neck/Middle Peninsula Real Estate versus 117 last month, an increase of 15%. This month's total units sold was lower than at this time last year, a decrease of 17% versus May 2024.
Active Inventory Versus last year, the total number of homes available this month is higher by 88 units or 22%. The total number of active inventory this May was 491 compared to 403 in May 2024. This month's total of 491 is lower than the previous month's total supply of available inventory of 497, a decrease of 1%.
		Median Sale Price Last May, the median sale price for Northern Neck/Middle Peninsula Homes was $350,000. This May, the median sale price was $379,500, an increase of 8% or $29,500 compared to last year. The current median sold price is 7% higher than in April. Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.



New Listings 228	Current Contracts 183	Sold Vs. List Price 97.8%	Months of Supply 3.7

Up 11% Vs. Year Ago	Up 29% Vs. Year Ago	Up 0.5% Vs. Year Ago	Up 47% Vs. Year Ago


		Months of Supply In May, there was 3.7 months of supply available in Northern Neck/Middle Peninsula, compared to 2.5 in May 2024. That is an increase of 47% 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 228 homes newly listed for sale in Northern Neck/Middle Peninsula compared to 206 in May 2024, an increase of 11%. There were 183 current contracts pending sale this May compared to 142 a year ago. The number of current contracts is 29% higher than last May.
		Sale Price to List Price Ratio In May, the average sale price in Northern Neck/Middle Peninsula was 97.8% of the average list price, which is 0.5% higher than at this time last year. Days on Market This month, the average number of days on market was 69, higher than the average last year, which was 55, an increase of 25%.


	*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.