The Long & Foster Market Minute

Focus On: Westover Hills Housing Market March 2024

Zip Code(s): 23225
Units Sold
33
Active Inventory
40
Median Sale Price
$399,000
Days On Market
14
Up 27%
Vs. Year Ago
Down -5%
Vs. Year Ago
Up 21%
Vs. Year Ago
No Change
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 33 sold this month in Westover Hills Real Estate versus 26 last month, an increase of 27%. This month's total units sold was higher than at this time last year, an increase of 27% versus March 2023.

Active Inventory
Versus last year, the total number of homes available this month is lower by 2 units or 5%. The total number of active inventory this March was 40 compared to 42 in March 2023. This month's total of 40 is higher than the previous month's total supply of available inventory of 37, an increase of 8%.

Median Sale Price
Last March, the median sale price for Westover Hills Homes was $330,000. This March, the median sale price was $399,000, an increase of 21% or $69,000 compared to last year. The current median sold price is 6% higher than in February.

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


New Listings
46
Current Contracts
38
Sold Vs. List Price
107.4%
Months of Supply
1.2
Up 12%
Vs. Year Ago
Up 19%
Vs. Year Ago
Up 2%
Vs. Year Ago
Down -25%
Vs. Year Ago

Months of Supply
In March, there was 1.2 months of supply available in Westover Hills, compared to 1.6 in March 2023. That is a decrease of 25% 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 46 homes newly listed for sale in Westover Hills compared to 41 in March 2023, an increase of 12%. There were 38 current contracts pending sale this March compared to 32 a year ago. The number of current contracts is 19% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Westover Hills was 107.4% of the average list price, which is 2.1% higher than at this time last year.

Days on Market
This month, the average number of days on market was 14, which is similar compared to a year ago.

The Long & Foster Market Minute Westover Hills are defined as properties listed in zip code/s 23225.
*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.