The Long & Foster Market Minute

Focus On: Prince George County and Hopewell City Housing Market June 2021

Units Sold
93
Active Inventory
69
Median Sale Price
$234,000
Days On Market
12
Up 4%
Vs. Year Ago
Down -52%
Vs. Year Ago
Up 17%
Vs. Year Ago
Down -72%
Vs. Year Ago

Units Sold
There was an increase in total units sold in June, with 93 sold this month in Prince George County and Hopewell City 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 76 units or 52%. The total number of active inventory this June was 69 compared to 145 in June 2020. This month's total of 69 is lower than the previous month's total supply of available inventory of 80, a decrease of 14%.

Median Sale Price
Last June, the median sale price for Prince George County and Hopewell City Homes was $200,000. This June, the median sale price was $234,000, an increase of 17% or $34,000 compared to last year. The current median sold price is 11% 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
89
Current Contracts
90
Sold Vs. List Price
101.4%
Months of Supply
0.7
Down -4%
Vs. Year Ago
No Change
Vs. Year Ago
Up 2.7%
Vs. Year Ago
Down -55%
Vs. Year Ago

Months of Supply
In June, there was 0.7 months of supply available in Prince George County and Hopewell City, compared to 1.6 in June 2020. That is a decrease of 54% 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 89 homes newly listed for sale in Prince George County and Hopewell City compared to 93 in June 2020, a decrease of 4%. There were 90 current contracts pending sale this June, consistent with the volume a year ago. The number of current contracts is 5% higher than last month.

Sale Price to List Price Ratio
In June, the average sale price in Prince George County and Hopewell City was 101.4% of the average list price, which is 2.7% 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 43, a decrease of 72%.

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.