The Long & Foster Market Minute

Focus On: Great Bridge, Fentress, and Southern Chesapeake Housing Market June 2021

Zip Code(s): 23327 and 23322
Units Sold
188
Active Inventory
118
Median Sale Price
$441,000
Days On Market
15
Up 25%
Vs. Year Ago
Down -51%
Vs. Year Ago
Up 16%
Vs. Year Ago
Down -61%
Vs. Year Ago

Units Sold
There was an increase in total units sold in June, with 188 sold this month in Great Bridge, Fentress, and Southern Chesapeake 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 125 units or 51%. The total number of active inventory this June was 118 compared to 243 in June 2020. This month's total of 118 is lower than the previous month's total supply of available inventory of 156, a decrease of 24%.

Median Sale Price
Last June, the median sale price for Great Bridge, Fentress, and Southern Chesapeake Homes was $379,500. This June, the median sale price was $441,000, an increase of 16% or $61,500 compared to last year. The current median sold price is 3% 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
142
Current Contracts
161
Sold Vs. List Price
102.7%
Months of Supply
0.6
Down -13%
Vs. Year Ago
Up 11%
Vs. Year Ago
Up 3.1%
Vs. Year Ago
Down -61%
Vs. Year Ago

Months of Supply
In June, there was 0.6 months of supply available in Great Bridge, Fentress, and Southern Chesapeake, compared to 1.6 in June 2020. That is a decrease of 61% 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 142 homes newly listed for sale in Great Bridge, Fentress, and Southern Chesapeake compared to 164 in June 2020, a decrease of 13%. There were 161 current contracts pending sale this June compared to 145 a year ago. The number of current contracts is 11% higher than last June.

Sale Price to List Price Ratio
In June, the average sale price in Great Bridge, Fentress, and Southern Chesapeake was 102.7% of the average list price, which is 3.0% 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 38, a decrease of 61%.

The Long & Foster Market Minute Great Bridge, Fentress, and Southern Chesapeake are defined as properties listed in zip code/s 23327 and 23322.
*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 REIN 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 REIN or Long & Foster Real Estate, Inc.