Here’s a look at the Midlothian real estate market for July 2018. The median price range increases as the number of new listings decreases. Let’s take a closer look at the Midlothian market trends.
A Look at this Month’s Housing Stats
The median sale price for homes in Midlothian was recorded at $309,950 as the month of July began. This amount shows a 1 percent decrease over the median sale price of $312,500 from this time last year. However, that price is 13 percent more than last month’s $275,000.
July started with 462 active listings. This number is down 18 percent from the 561 active listings we saw in June of 2017. The number of new listings to hit the market in June was 263, which is down 11 percent from last year. There were 233 homes sold in June. That number comes in as an impressive 32 percent increase from last month but is still down 11 percent from June 2017.
What Does this Data Indicate?
Median home prices dropped 6 percent in May but showed a remarkable rebound increase of 13 percent in June. The number of new home listings dipped a bit this month. The number of pending sales for June was recorded at 218. This number shows a 7 percent increase from the 203 pending sales this time last year.
What does this mean for you as a Midlothian home buyer?
There’s currently a 2 months supply of inventory available to Midlothian buyers. June of last year, the market was showing 2.1 months of inventory. This is a decrease of 8 percent year over year. We are also noting a slow down in new listings hitting the market, so this is not the time to relax when it comes to finding the home that fits your needs. You’ll want to sign up to be notified as soon as a new property is available. New listings come straight to your e-mail inbox, giving you a chance to step ahead of your competition. This becomes increasingly important as the inventory shortage shrinks.
What does this mean to you as a Midlothian home seller?
Midlothian home sellers are currently receiving an average of 99.8 percent of their listing price. Compared to this time last year, we aren’t seeing much of a change. The seller’s market continues for the area, which means you’re in a great position to get your asking price if you place your home on the market. The average days on the market is 27 days. This number is 16 percent better than this time last year. Before you decide on an asking price, use the home value calculator and then follow up with us when considering your home value to set the asking price. You’ll also want to consider staging your home to make sure it looks the best for potential buyers.