The Long & Foster Market Minute

Focus On: Kent County Housing Market June 2021

Units Sold
293
Active Inventory
296
Median Sale Price
$289,900
Days On Market
15
Up 21%
Vs. Year Ago
Down -49%
Vs. Year Ago
Up 19%
Vs. Year Ago
Down -63%
Vs. Year Ago

Units Sold
There was an increase in total units sold in June, with 293 sold this month in Kent County Real Estate versus 240 last month, an increase of 22%. This month's total units sold was higher than at this time last year, an increase of 21% versus June 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 284 units or 49%. The total number of active inventory this June was 296 compared to 580 in June 2020. This month's supply remained stable as compared to last month.

Median Sale Price
Last June, the median sale price for Kent County Homes was $244,190. This June, the median sale price was $289,900, an increase of 19% or $45,710 compared to last year. The current median sold price is 2% higher than in May.

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


New Listings
343
Current Contracts
309
Sold Vs. List Price
100.5%
Months of Supply
1.0
Up 8%
Vs. Year Ago
Up 20%
Vs. Year Ago
Up 1.1%
Vs. Year Ago
Down -58%
Vs. Year Ago

Months of Supply
In June, there was 1.0 months of supply available in Kent County, compared to 2.4 in June 2020. That is a decrease of 58% 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 343 homes newly listed for sale in Kent County compared to 319 in June 2020, an increase of 8%. There were 309 current contracts pending sale this June compared to 257 a year ago. The number of current contracts remained stable as compared to last June.

Sale Price to List Price Ratio
In June, the average sale price in Kent County was 100.5% of the average list price, which is 1.1% higher than at this time last year.

Days on Market
This month, the average number of days on market was 15, lower than the average last year, which was 40, a decrease of 63%.

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 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.