Wed Sep 22 2021
This week the median list price for Hanover, VA is $354,950 with the market action index hovering around 47. This is an increase over last month's market action index of 45. Inventory has decreased to 5.
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
|Median List Price||$354,950|
|Median Price of New Listings||$0|
|Per Square Foot||$170|
|Average Days on Market||49|
|Median Days on Market||35|
|Strong Seller's Market|
The market’s downward trends are shared across both price and value. People are recently placing less value on homes (you can see the recent declines in price per square foot as evidence.) Look for significant changes in the Market Action Index as a precursor to price and value changes, possibly as inflection points for good investment opportunities.
Each segment below represents approximately 25% of the market ordered by price.
|Median Price||Sq. Ft.||Lot Size||Beds||Bath||Age||New||Absorbed||DOM|
|$950,000||5,102||10 - 20 acres||7||4||5||0||0||35|
|$685,809||3,134||5 - 10 acres||3||3||0||0||0||126|
|$354,950||2,154||1 - 2.5 acres||4||2||52||0||1||49|
|$199,950||1,247||2.5 - 5 acres||2||1||64||0||0||17|