The Long & Foster Market Minute

Focus On: New Kent County Housing Market March 2021

Units Sold
49
Active Inventory
44
Median Sale Price
$345,885
Days On Market
39
Up 9%
Vs. Year Ago
Down -73%
Vs. Year Ago
Up 15%
Vs. Year Ago
Down -29%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 49 sold this month in New Kent County 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 121 units or 73%. The total number of active inventory this March was 44 compared to 165 in March 2020. This month's total of 44 is lower than the previous month's total supply of available inventory of 54, a decrease of 19%.

Median Sale Price
Last March, the median sale price for New Kent County Homes was $300,000. This March, the median sale price was $345,885, an increase of 15% or $45,885 compared to last year. The current median sold price is 12% 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
63
Current Contracts
58
Sold Vs. List Price
101.1%
Months of Supply
0.9
Down -15%
Vs. Year Ago
Up 26%
Vs. Year Ago
Up 1.5%
Vs. Year Ago
Down -75%
Vs. Year Ago

Months of Supply
In March, there was 0.9 months of supply available in New Kent County, compared to 3.7 in March 2020. That is a decrease of 76% 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 63 homes newly listed for sale in New Kent County compared to 74 in March 2020, a decrease of 15%. There were 58 current contracts pending sale this March compared to 46 a year ago. The number of current contracts is 26% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in New Kent County was 101.1% of the average list price, which is 1.5% higher than at this time last year.

Days on Market
This month, the average number of days on market was 39, lower than the average last year, which was 55, a decrease of 29%.

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.