The Long & Foster Market Minute

Focus On: North Springfield Housing Market March 2021

Zip Code(s): 22151
Units Sold
17
Active Inventory
5
Median Sale Price
$635,000
Days On Market
14
Up 13%
Vs. Year Ago
Down -67%
Vs. Year Ago
Up 16%
Vs. Year Ago
Up
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 17 sold this month in North Springfield Real Estate versus 14 last month, an increase of 21%. This month's total units sold was higher than at this time last year, an increase of 13% versus March 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 10 units or 67%. The total number of active inventory this March was 5 compared to 15 in March 2020. This month's total of 5 is higher than the previous month's total supply of available inventory of 4, an increase of 25%.

Median Sale Price
Last March, the median sale price for North Springfield Homes was $546,000. This March, the median sale price was $635,000, an increase of 16% or $89,000 compared to last year. The current median sold price is 3% lower 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
20
Current Contracts
19
Sold Vs. List Price
101.6%
Months of Supply
0.3
Down -9%
Vs. Year Ago
Up 27%
Vs. Year Ago
No Change
Vs. Year Ago
Down -71%
Vs. Year Ago

Months of Supply
In March, there was 0.3 months of supply available in North Springfield, compared to 1.0 in March 2020. That is a decrease of 71% 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 20 homes newly listed for sale in North Springfield compared to 22 in March 2020, a decrease of 9%. There were 19 current contracts pending sale this March compared to 15 a year ago. The number of current contracts is 27% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in North Springfield was 101.6% of the average list price, which is similar compared to a year ago.

Days on Market
This month, the average number of days on market was 14, higher than the average last year, which was 6. This increase was impacted by the limited number of sales.

The Long & Foster Market Minute North Springfield are defined as properties listed in zip code/s 22151.
*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.