Here’s a look at the Midlothian real estate market for June 2018. This area is showing an increase in new homes on the market and a decrease in the median sale price. Will the drop in sale price continue as the summer heats up? 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 $275,000 as the month of June began. This amount shows an 8 percent decrease over the median sale price of $299,000 from this time last year. What’s notable is the drop of 6 percent from the $293,000 from April. We ushered in June with 464 active listings. This number is down 13 percent from the 536 active listings we saw in May of 2017. The number of new listings to hit the market in May was 309, which is down just 2 percent from last year. There were 176 homes sold in May, which shows a slight decrease of 1 percent from last month and a drop of 20 percent from this time last year.
What Does this Data Indicate?
Median home prices dropped 2 percent in April and another 6 percent in May. The number of new home listings showed an increase, which means more choices are being added for potential buyers. The number of pending sales for May was recorded at 209. This number shows a 2 percent decrease from the 214 pending sales this time last year.
What does this mean for you as a Midlothian home buyer?
There’s currently a 2.6 months supply of inventory available to Midlothian buyers. In May of last year, the market was showing 2.4 months of inventory. This is an increase of 8 percent year over year. For home buyers in the area, this means that new homes are sparking new interest in Midlothian real estate. As the breeze of new opportunities blows through, you want to be one of the first ones to catch these new listings as they hit the market. 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.
What does this mean to you as a Midlothian home seller?
Midlothian home sellers are currently receiving an average of 99.5 percent of their listing price. The average is just 0.5 percent less than this time last year. Even more good news is that homes are on the market for a shorter time. We entered June with the average number of days at 29. This number is down 12 percent from last year’s 33-day average. Be sure to use the home value calculator and then follow up with us when considering your home value to set the asking price. Setting the right price is critical to a successful home seller experience.