By summer’s end, real estate movement slows across the country. Spring’s flurry of movement and the need to relocate before the next school season are now a part of the past. Furthermore, holiday season is upon us and winter is approaching, so less people are out and about shopping for houses for sale. But that’s not to say that the real estate market in Midlothian is in a complete slumber. There’s still movement. Here’s what’s what August real estate looked like in Midlothian.
Overview: Midlothian August Real Estate Market Report
During the month of August in Midlothian, residents purchases 197 homes with average sales prices of $290,000. Houses remained on the market for sale for a total of 31 days to close. On the plus side, there’s only a .4% difference between asking price and the 99.6% received as the sales price. There were 223 new listings to hit the market, 185 contracts in progress, and a 2.5-month supply or 483 houses available for sale at August’s end in Midlothian.
July of 2017 found residents of Midlothian snatching up 221 homes. This month, however, for August of 2017, that number drops to 197. Not only is August’s number of homes sold lower than it was in July, but it’s also 17% lower this year than it was in 2016.
Median Sales Price
In August of 2016, the median sales price was $278,900. For August of 2017, that number is up by $11,100 or 4% at $290,000. While that’s good news for the year over year trend, the August median sales price is eight percent lower than it was in July of this year. Sold price vs. list price is solid at 99.6 percent.
Last year at the dawn of summer’s end, there were a total of 602 available houses for sale, a healthy supply of inventory. However, that number has also dropped by a whopping twenty percent, leaving Midlothian with only a 2.5-month supply and 483 houses available for sale. This is also a five percent decrease from last month’s 509 houses available in Midlothian inventory at month’s end.
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