The Long & Foster Market Minute

Focus On: Northern Neck/Middle Peninsula Housing Market June 2021

Units Sold
221
Active Inventory
316
Median Sale Price
$300,000
Days On Market
80
Up 9%
Vs. Year Ago
Down -56%
Vs. Year Ago
Up 13%
Vs. Year Ago
Down -32%
Vs. Year Ago

Units Sold
There was an increase in total units sold in June, with 221 sold this month in Northern Neck/Middle Peninsula Real Estate versus 176 last month, an increase of 26%. This month's total units sold was higher than at this time last year, an increase of 9% versus June 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 409 units or 56%. The total number of active inventory this June was 316 compared to 725 in June 2020. This month's total of 316 is lower than the previous month's total supply of available inventory of 340, a decrease of 7%.

Median Sale Price
Last June, the median sale price for Northern Neck/Middle Peninsula Homes was $265,000. This June, the median sale price was $300,000, an increase of 13% or $35,000 compared to last year. The current median sold price is 1% 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
221
Current Contracts
205
Sold Vs. List Price
99.7%
Months of Supply
1.4
No Change
Vs. Year Ago
Down -27%
Vs. Year Ago
Up 3.1%
Vs. Year Ago
Down -60%
Vs. Year Ago

Months of Supply
In June, there was 1.4 months of supply available in Northern Neck/Middle Peninsula, compared to 3.6 in June 2020. That is a decrease of 60% 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 221 homes newly listed for sale in Northern Neck/Middle Peninsula, which is similar to the amount in June 2020. There were 205 current contracts pending sale this June compared to 281 a year ago. The number of current contracts is 27% lower than last June.

Sale Price to List Price Ratio
In June, the average sale price in Northern Neck/Middle Peninsula was 99.7% 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 80, lower than the average last year, which was 118, a decrease of 32%.

The Long & Foster Market Minute *Defined as the counties of Essex, Gloucester, Lancaster, Mathews, Middlesex, Northumberland, and Westmoreland in VA
*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 CBRAR/NNAR/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 CBRAR/NNAR/BRIGHTMLS or Long & Foster Real Estate, Inc.