The Long & Foster Market Minute

Focus On: Portlock, Norfolk Highlands, and Campostella Heights Housing Market March 2021

Zip Code(s): 23523, 23324 and 23325
Units Sold
70
Active Inventory
46
Median Sale Price
$237,900
Days On Market
20
Up 25%
Vs. Year Ago
Down -73%
Vs. Year Ago
Up 17%
Vs. Year Ago
Down -50%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 70 sold this month in Portlock, Norfolk Highlands, and Campostella Heights Real Estate versus 56 last month, an increase of 25%. This month's total units sold was higher than at this time last year, an increase of 25% versus March 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 123 units or 73%. The total number of active inventory this March was 46 compared to 169 in March 2020. This month's total of 46 is lower than the previous month's total supply of available inventory of 72, a decrease of 36%.

Median Sale Price
Last March, the median sale price for Portlock, Norfolk Highlands, and Campostella Heights Homes was $203,000. This March, the median sale price was $237,900, an increase of 17% or $34,900 compared to last year. The current median sold price is 8% 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
83
Current Contracts
102
Sold Vs. List Price
100.9%
Months of Supply
0.7
Down -19%
Vs. Year Ago
Up 46%
Vs. Year Ago
Up 1.3%
Vs. Year Ago
Down -78%
Vs. Year Ago

Months of Supply
In March, there was 0.7 months of supply available in Portlock, Norfolk Highlands, and Campostella Heights, compared to 3.0 in March 2020. That is a decrease of 78% 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 83 homes newly listed for sale in Portlock, Norfolk Highlands, and Campostella Heights compared to 103 in March 2020, a decrease of 19%. There were 102 current contracts pending sale this March compared to 70 a year ago. The number of current contracts is 46% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Portlock, Norfolk Highlands, and Campostella Heights was 100.9% of the average list price, which is 1.3% higher than at this time last year.

Days on Market
This month, the average number of days on market was 20, lower than the average last year, which was 40, a decrease of 50%.

The Long & Foster Market Minute Portlock, Norfolk Highlands, and Campostella Heights are defined as properties listed in zip code/s 23523, 23324 and 23325.
*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.