The Long & Foster Market Minute

Focus On: Hanover County Housing Market June 2021

Units Sold
208
Active Inventory
290
Median Sale Price
$382,500
Days On Market
12
Up 9%
Vs. Year Ago
Down -34%
Vs. Year Ago
Up 18%
Vs. Year Ago
Down -66%
Vs. Year Ago

Units Sold
The number of units sold remained stable in June, with 208 sold this month in Hanover County Real Estate. This month's total units sold was higher than at this time last year, an increase of 2% versus June 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 150 units or 34%. The total number of active inventory this June was 290 compared to 440 in June 2020. This month's total of 290 is lower than the previous month's total supply of available inventory of 298, a decrease of 3%.

Median Sale Price
Last June, the median sale price for Hanover County Homes was $324,000. This June, the median sale price was $382,500, an increase of 18% or $58,500 compared to last year. The current median sold price is 9% 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
237
Current Contracts
219
Sold Vs. List Price
103.5%
Months of Supply
1.4
Up 2%
Vs. Year Ago
Up 4%
Vs. Year Ago
Up 4.1%
Vs. Year Ago
Down -40%
Vs. Year Ago

Months of Supply
In June, there was 1.4 months of supply available in Hanover County, compared to 2.3 in June 2020. That is a decrease of 40% 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 237 homes newly listed for sale in Hanover County compared to 232 in June 2020, an increase of 2%. There were 219 current contracts pending sale this June compared to 211 a year ago. The number of current contracts is 4% higher than last June.

Sale Price to List Price Ratio
In June, the average sale price in Hanover County was 103.5% of the average list price, which is 4.0% higher than at this time last year.

Days on Market
This month, the average number of days on market was 12, lower than the average last year, which was 35, a decrease of 66%.

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.