The Long & Foster Market Minute

FOCUS ON: PRINCE GEORGE COUNTY AND HOPEWELL CITY HOUSING MARKET MAY 2024

Units Sold
78
Active Inventory
106
Median Sale Price
$287,450
Days On Market
21
Up 3%
Vs. Year Ago
Down -17%
Vs. Year Ago
Up 1%
Vs. Year Ago
Down -34%
Vs. Year Ago

Units Sold
There was an increase in total units sold in May, with 78 sold this month in Prince George County and Hopewell City Real Estate versus 68 last month, an increase of 15%. This month's total units sold was higher than at this time last year, an increase of 3% versus May 2023.

Active Inventory
Versus last year, the total number of homes available this month is lower by 22 units or 17%. The total number of active inventory this May was 106 compared to 128 in May 2023. This month's total of 106 is lower than the previous month's total supply of available inventory of 117, a decrease of 9%.

Median Sale Price
Last May, the median sale price for Prince George County and Hopewell City Homes was $284,980. This May, the median sale price was $287,450, an increase of 1% or $2,470 compared to last year. The current median sold price is 3% 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
97
Current Contracts
93
Sold Vs. List Price
100.4%
Months of Supply
1.4
Down -20%
Vs. Year Ago
Down -7%
Vs. Year Ago
Up 0.7%
Vs. Year Ago
Down -19%
Vs. Year Ago

Months of Supply
In May, there was 1.4 months of supply available in Prince George County and Hopewell City, compared to 1.7 in May 2023. That is a decrease of 19% 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 97 homes newly listed for sale in Prince George County and Hopewell City compared to 122 in May 2023, a decrease of 20%. There were 93 current contracts pending sale this May compared to 100 a year ago. The number of current contracts is 7% lower than last May.

Sale Price to List Price Ratio
In May, the average sale price in Prince George County and Hopewell City was 100.4% of the average list price, which is 0.7% higher than at this time last year.

Days on Market
This month, the average number of days on market was 21, lower than the average last year, which was 32, a decrease 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.