The Long & Foster Market Minute

Focus On: Westover Hills Housing Market March 2021

Zip Code(s): 23225
Units Sold
51
Active Inventory
23
Median Sale Price
$317,000
Days On Market
12
Up 27%
Vs. Year Ago
Down -58%
Vs. Year Ago
Up 18%
Vs. Year Ago
Down -37%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 51 sold this month in Westover Hills Real Estate. This month's total units sold was higher than at this time last year.

Active Inventory
Versus last year, the total number of homes available this month is lower by 32 units or 58%. The total number of active inventory this March was 23 compared to 55 in March 2020. This month's total of 23 is lower than the previous month's total supply of available inventory of 29, a decrease of 21%.

Median Sale Price
Last March, the median sale price for Westover Hills Homes was $267,896. This March, the median sale price was $317,000, an increase of 18% or $49,104 compared to last year. The current median sold price is 7% 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
53
Current Contracts
53
Sold Vs. List Price
102.2%
Months of Supply
0.5
Down -12%
Vs. Year Ago
Up 15%
Vs. Year Ago
No Change
Vs. Year Ago
Down -67%
Vs. Year Ago

Months of Supply
In March, there was 0.5 months of supply available in Westover Hills, compared to 1.4 in March 2020. That is a decrease of 67% 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 53 homes newly listed for sale in Westover Hills compared to 60 in March 2020, a decrease of 12%. There were 53 current contracts pending sale this March compared to 46 a year ago. The number of current contracts is 15% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Westover Hills was 102.2% 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 12, lower than the average last year, which was 19, a decrease of 37%.

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.