The Long & Foster Market Minute

Focus On: Prince George County and Hopewell City Housing Market March 2021

Units Sold
65
Active Inventory
37
Median Sale Price
$215,000
Days On Market
24
No Change
Vs. Year Ago
Down -80%
Vs. Year Ago
Up 28%
Vs. Year Ago
Down -55%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 65 sold this month in Prince George County and Hopewell City Real Estate, an increase of 23%. This month's total units sold is similar compared to a year ago.

Active Inventory
Versus last year, the total number of homes available this month is lower by 145 units or 80%. The total number of active inventory this March was 37 compared to 182 in March 2020. This month's total of 37 is lower than the previous month's total supply of available inventory of 43, a decrease of 14%.

Median Sale Price
Last March, the median sale price for Prince George County and Hopewell City Homes was $167,500. This March, the median sale price was $215,000, an increase of $47,500 compared to last year. The current median sold price is 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
82
Current Contracts
80
Sold Vs. List Price
101.0%
Months of Supply
0.6
Up 12%
Vs. Year Ago
Up 31%
Vs. Year Ago
Up 1.9%
Vs. Year Ago
Down -80%
Vs. Year Ago

Months of Supply
In March, there was 0.6 months of supply available in Prince George County and Hopewell City, compared to 2.8 in March 2020. That is a decrease of 80% 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 82 homes newly listed for sale in Prince George County and Hopewell City compared to 73 in March 2020, an increase of 12%. There were 80 current contracts pending sale this March compared to 61 a year ago. The number of current contracts is 31% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Prince George County and Hopewell City was 101.0% of the average list price, which is 1.9% higher than at this time last year.

Days on Market
This month, the average number of days on market was 24, lower than the average last year, which was 53, a decrease of 55%.

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.