Welcome to another month of the Midlothian Market Report for October, 2020! As you can see from the information below, single family homes as well as condos continue to sell at a very rapid pace. Inventory levels continue to be very tight, interest rates are still at historic lows and homes are selling in less than 1 month, many with multiple offers. For sellers this continues to remain an exceedingly good market, but buyers are facing having to write numerous offers before getting one accepted - and many times having to go in with sweeteners and waiving some contingencies.
The market information is below and is taken from information found on the Central Virginia Richmond MLS.
SINGLE FAMILY HOMES - OCTOBER 2020
|
MONTH |
AVERAGE LIST PRICE |
AVERAGE SALES PRICE |
# HOMES SOLD |
AVERAGE TIME ON MARKET |
|
January |
$347,234 |
$341,972 |
67 |
48 Days |
|
February |
$339,986 |
$336,211 |
77 |
36 Days |
|
March |
$372,809 |
$370,719 |
117 |
29 Days |
|
April |
$366,184 |
$262,677 |
110 |
23 Days |
|
May |
$363,098 |
$361,456 |
132 |
18 Days |
|
June |
$379,628 |
$377,950 |
146 |
21 Days |
|
July |
$376,073 |
$377,028 |
146 |
21 Days |
|
August |
$392,198 |
$390,290 |
144 |
19 Days |
|
September |
$390,495 |
$388,971 |
136 |
20 Days |
|
October |
$390,346 |
$289,629 |
156 |
20 Days |
Source: Central Virginia Richmond Multiple Listing Service
CONDOS & TOWNHOMES - OCTOBER 2020
|
MONTH |
AVERAGE LIST PRICE |
AVERAGE SALES PRICE |
# HOMES SOLD |
AVERAGE TIME ON MARKET |
|
January |
$284,331 |
$279,288 |
8 |
50 Days |
|
February |
$236,980 |
$236347 |
15 |
14 Days |
|
March |
$267,592 |
$264,692 |
13 |
12 Days |
|
April |
$220,983 |
$216,389 |
9 |
38 Days |
|
May |
$241,358 |
$239,504 |
13 |
20 Days |
|
June |
$248,146 |
$246,778 |
16 |
23 Days |
|
July |
$255,240 |
$253,091 |
19 |
29 Days |
|
August |
$238,247 |
$237,297 |
20 |
22 Days |
|
September |
$245,844 |
$242,664 |
18 |
19 Days |
|
October |
$289,567 |
$286,050 |
18 |
26 Days |
Source: Central Virginia Richmond Multiple Listing Service
As a Realtor who specializes in helping buyers & sellers in the Midlothian area, as well as one who lives in the Midlothian area, I make it a point to keep up with what is happening in the area! Feel free to let me know how if there are any questions I can answer about the real estate market, or how I can assist you with your real estate needs!
