Although there were no record-breaking events in Midlothian’s real estate market in June of 2017, slow and steady wins the race. Month over month statistics shows an increase in market activity while still trailing slightly behind the records from this time last year.
A Look at the Housing Stats
In May of 2017, Midlothian, Virginia saw a total of 220 housing units sold. Up from that number by 18 percent, 259 homes sold in June. While the month over month increase is inspiring, overall sales are still down three percent since this time last year.
Active inventory is also down by 14 percent. In June, there were 601 available housing units whereas June of this year there were only 515 homes available for sale. Furthermore, inventory decreased one percent from last month’s 519 active listings.
Homes for sale remain on the market an average of 32 days from list to sale, which is the same as it was in June of 2016.
On the plus side, median sales prices for June of 2017 were $312,500, which is four percent higher than this time last year, and five percent higher than the median sales price in May.
What Does This Data Mean?
This June, there were 292 new listings in Midlothian, Virginia, which is up nine percent from June of 2016. Also up by 14 percent, there are 224 current contracts.
In June 2017, the sold vs. list price was 99.6 percent, down .7 percent from last year. Also down by 12 percent is the supply of inventory, which, in June 2017 showed a two-month supply.
What does this mean if you’re selling a house in Midlothian?
Property sales are on the rise this month in Midlothian, Virginia, as are sales prices, although still trailing behind this time last year. Fewer houses on the market create a more competitive spirit amongst buyers who are currently paying near the full asking price. With fewer homes available for sale, now is a great time to list, especially before the seasons also shift.
What does this mean if you’re buying a house in Midlothian?
As the available inventory of houses declines, competition increases, and it’s clear that more people are in the buying mood as home sales and selling prices have both increased. Although Midlothian, Virginia has favored buyers recently, that trend is shifting into what may soon become a seller’s market. While the market is still leaning towards buyers, it’s an excellent time to purchase before the trends shift in favor of sellers.
Real estate sales, although down from this time last year, increased over this time last month. With the summer season at its peak, it’s a great time to take action before autumn and winter create slower movement in the market. The number of home sales as well as sales prices is on the rise while inventory is declining, creating a sense of urgency to sell or buy before the end of summer, before the school year starts, and before winter and the holidays stunt the market’s growth.
Wondering what your home might be worth? Find out instantly with our 15-second home value calculator.
Here’s the most recent home listings just added to the database in the average price range for Midlothian. All homes here are priced at $312,500 or less.