The Long & Foster Market Minute

Focus On: Westover Hills Housing Market October 2022

Zip Code(s): 23225
Units Sold
Active Inventory
Median Sale Price
Days On Market
Down -7%
Vs. Year Ago
Down -40%
Vs. Year Ago
Up 15%
Vs. Year Ago
Up 33%
Vs. Year Ago

Units Sold
There was an increase in total units sold in October, with 43 sold this month in Westover Hills Real Estate versus 39 last month, an increase of 10%. This month's total units sold was lower than at this time last year, a decrease of 7% versus October 2021.

Active Inventory
Versus last year, the total number of homes available this month is lower by 21 units or 40%. The total number of active inventory this October was 31 compared to 52 in October 2021. This month's total of 31 is lower than the previous month's total supply of available inventory of 42, a decrease of 26%.

Median Sale Price
Last October, the median sale price for Westover Hills Homes was $312,500. This October, the median sale price was $360,000, an increase of 15% or $47,500 compared to last year. The current median sold price is 1% lower than in September.

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

New Listings
Current Contracts
Sold Vs. List Price
Months of Supply
Down -45%
Vs. Year Ago
Down -31%
Vs. Year Ago
Up 2.2%
Vs. Year Ago
Down -36%
Vs. Year Ago

Months of Supply
In October, there was 0.7 months of supply available in Westover Hills, compared to 1.1 in October 2021. That is a decrease of 36% 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 37 homes newly listed for sale in Westover Hills compared to 67 in October 2021, a decrease of 45%. There were 41 current contracts pending sale this October compared to 59 a year ago. The number of current contracts is 31% lower than last October.

Sale Price to List Price Ratio
In October, the average sale price in Westover Hills was 104.1% of the average list price, which is 2.2% higher than at this time last year.

Days on Market
This month, the average number of days on market was 16, higher than the average last year, which was 12, an increase of 33%.

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.