Tue Aug 09 2022
This week the median list price for Hanover, VA is $592,499 with the market action index hovering around 41. This is less than last month's market action index of 47. Inventory has increased to 6.
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Slight Seller's Advantage
|Median List Price||$592,499|
|Median Price of New Listings||$1,822,500|
|Per Square Foot||$231|
|Average Days on Market||120|
|Median Days on Market||39|
|Slight Seller's Advantage|
While prices have been basically flat, the price per square foot has been heading downward. While not a sign of broad strength in a market, larger homes are coming more available and buyers can see more home for their money.
Each segment below represents approximately 25% of the market ordered by price.
|Median Price||Sq. Ft.||Lot Size||Beds||Bath||Age||New||Absorbed||DOM|
|$993,950||4,141||5 - 10 acres||5||4.5||14||0||0||70|
|$592,499||2,516||5 - 10 acres||3||2.5||36||0||0||322|
|$240,000||1,536||0.5 - 1 acre||3||1.5||31||1||0||3|