Single-Family Homes
Tue Jul 05 2022
This week the median list price for Glen Allen, VA is $525,000 with the market action index hovering around 91. This is an increase over last month's market action index of 89. Inventory has held steady at or around 37.
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
In the last few weeks, the market has been at a stasis point in terms of sales to inventory. However, prices seem to continue to fall a bit. Technically supply levels indicate this is a Seller’s market so it is likely that the downward pricing pressure will be light or variable. Watch for an up-shift in the MAI before price stability is achieved.
Median List Price | $525,000 | |
Median Price of New Listings | $465,000 | |
Per Square Foot | $203 | |
Average Days on Market | 39 | |
Median Days on Market | 7 | |
Price Decreased | 16% | |
Price Increased | 14% | |
Relisted | 3% | |
Inventory | 37 | |
Median Rent | ||
Market Action | 91 | |
Strong Seller's Market |
Again this week we see a downward notch for prices. Prices continue to pull back from the market’s highs. The Market Action Index is a good leading indicator for the durability of this trend.
Each segment below represents approximately 25% of the market ordered by price.
Median Price | Sq. Ft. | Lot Size | Beds | Bath | Age | New | Absorbed | DOM |
---|---|---|---|---|---|---|---|---|
$749,990 | 3,218 | 0.25 - 0.5 acre | 4 | 3 | 1 | 2 | 3 | 105 |
$586,311 | 3,254 | 0.25 - 0.5 acre | 4 | 3 | 9 | 4 | 4 | 7 |
$455,000 | 2,150 | 0.25 - 0.5 acre | 4 | 2.5 | 24 | 6 | 7 | 0 |
$342,475 | 1,612 | 0.25 - 0.5 acre | 3 | 2 | 34 | 6 | 6 | 0 |