The Long & Foster Market Minute

FOCUS ON: SPOTSYLVANIA COUNTY HOUSING MARKET MAY 2024

Units Sold
176
Active Inventory
295
Median Sale Price
$464,900
Days On Market
23
Down -5%
Vs. Year Ago
Down -7%
Vs. Year Ago
Up 8%
Vs. Year Ago
Up 28%
Vs. Year Ago

Units Sold
There was an increase in total units sold in May, with 176 sold this month in Spotsylvania County Real Estate versus 173 last month, an increase of 2%. This month's total units sold was lower than at this time last year, a decrease of 5% versus May 2023.

Active Inventory
Versus last year, the total number of homes available this month is lower by 21 units or 7%. The total number of active inventory this May was 295 compared to 316 in May 2023. This month's total of 295 is lower than the previous month's total supply of available inventory of 308, a decrease of 4%.

Median Sale Price
Last May, the median sale price for Spotsylvania County Homes was $430,000. This May, the median sale price was $464,900, an increase of 8% or $34,900 compared to last year. The current median sold price is 6% 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
219
Current Contracts
189
Sold Vs. List Price
99.9%
Months of Supply
1.7
Down -14%
Vs. Year Ago
Down -6%
Vs. Year Ago
Down -0.6%
Vs. Year Ago
No Change
Vs. Year Ago

Months of Supply
In May, there was 1.7 months of supply available in Spotsylvania County. The amount of supply is similar compared to 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 219 homes newly listed for sale in Spotsylvania County compared to 256 in May 2023, a decrease of 14%. There were 189 current contracts pending sale this May compared to 202 a year ago. The number of current contracts is 6% lower than last May.

Sale Price to List Price Ratio
In May, the average sale price in Spotsylvania County was 99.9% of the average list price, which is 0.7% lower than at this time last year.

Days on Market
This month, the average number of days on market was 23, higher than the average last year, which was 18, an increase of 28%.

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 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 BRIGHTMLS or Long & Foster Real Estate, Inc.