The Long & Foster Market Minute

Focus On: North Virginia Beach and Linkhorn Park Housing Market June 2021

Zip Code(s): 23451
Units Sold
113
Active Inventory
124
Median Sale Price
$476,000
Days On Market
26
Up
Vs. Year Ago
Down -54%
Vs. Year Ago
Up 21%
Vs. Year Ago
Down -50%
Vs. Year Ago

Units Sold
There was an increase in total units sold in June, with 113 sold this month in North Virginia Beach and Linkhorn Park 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 146 units or 54%. The total number of active inventory this June was 124 compared to 270 in June 2020. This month's total of 124 is lower than the previous month's total supply of available inventory of 141, a decrease of 12%.

Median Sale Price
Last June, the median sale price for North Virginia Beach and Linkhorn Park Homes was $395,000. This June, the median sale price was $476,000, an increase of 21% or $81,000 compared to last year. The current median sold price is 16% 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
122
Current Contracts
121
Sold Vs. List Price
100.3%
Months of Supply
1.1
Down -2%
Vs. Year Ago
Up 8%
Vs. Year Ago
Up 4%
Vs. Year Ago
Down -68%
Vs. Year Ago

Months of Supply
In June, there was 1.1 months of supply available in North Virginia Beach and Linkhorn Park, compared to 3.4 in June 2020. That is a decrease of 68% 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 122 homes newly listed for sale in North Virginia Beach and Linkhorn Park compared to 125 in June 2020, a decrease of 2%. There were 121 current contracts pending sale this June compared to 112 a year ago. The number of current contracts is 8% higher than last June.

Sale Price to List Price Ratio
In June, the average sale price in North Virginia Beach and Linkhorn Park was 100.3% of the average list price, which is 3.9% higher than at this time last year.

Days on Market
This month, the average number of days on market was 26, lower than the average last year, which was 52, a decrease of 50%.

The Long & Foster Market Minute North Virginia Beach and Linkhorn Park are defined as properties listed in zip code/s 23451.
*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.