While the holiday season is fast approaching and winter’s slumber looms, the real estate market in Midlothian hasn’t reached a full slumber just yet. There’s still motion in the market, transactions in the works, and signs that there’s still time to take action with buying or selling a home before the holidays. Here’s how things shaped up in Midlothian real estate for the month of September.
Overview: Midlothian September Real Estate Market Report
During the month of September in Midlothian, residents purchased 210 homes with median sales prices of $281,635. This is in contrast to August’s 197 homes with median sales prices of $290,000. Houses remained on the market for sale for a total of 35 days to close. On the plus side, list price to sales price is coming in at 100.6%. There were 215 new listings to hit the market, 146 contracts in progress, and a 2.3 month supply or 484 houses available for sale at September’s end in Midlothian.
September of 2017 found residents of Midlothian snatching up 210 homes. This is good news because it shows that the number of units sold increased this month over last. Last month, the area saw only 197 units sold.
Median Sales Price
The median sales price for Midlothian homes in September 2017 was $281,635, significantly lower than last month’s median sales price of $290,000. So while more houses are being sold, they’re being sold for less money.
If you were to go out looking at houses on the last day of September, you’d have had a total of 484 homes to consider before narrowing down the search by size or feature. Last month, however, there were 483 houses on offer. 210 of the existing houses sold and 215 new ones were added, so although there’s one less house to choose from, there were new options to see at September’s end.
What this Means for Sellers
Sellers who list their homes now can expect to receive more than their asking price, and in just over a month! Median sales prices are down this month from last, so while you may be able to sell fast and for full price, your asking price may need to be based on a reduced value from last month. On average, sellers can expect to earn around $280,000 if listing in October.
What this Means for Buyers
Buyers looking for homes in Midlothian in October may have a limited inventory to choose from. Although inventory is limited, because the holidays are approaching and sales are down, sellers are motivated and average home values are down around $9,000. If you’re looking to move quickly, there’s good news. You should be able to complete your transaction from the time you submit your offer in about 35 days.
Winter and the holiday season threaten to put a bit of a freeze on the real estate market in Midlothian, but Midlothian isn’t ready to go to sleep just yet. Buyers and sellers are still active as indicated by new listings, new sales, and fast closing times.