Mon May 17 2021
This week the median list price for Hanover, VA is $441,990 with the market action index hovering around 66. This is an increase over last month's market action index of 62. Inventory has increased to 5.
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
|Median List Price||$441,990|
|Median Price of New Listings||$470,051|
|Per Square Foot||$207|
|Average Days on Market||95|
|Median Days on Market||14|
|Strong Seller's Market|
This is a market where watching the value metrics (like price per square foot) can provide insight that you don’t get at first glance. Despite the fact that home prices are rising fairly consistently, the price per square foot of homes listed is declining a bit. Often this can be attributed to new and remodeled homes on the market. Buyers in the area are paying more but also getting more 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|
|$745,000||3,106||10 - 20 acres||5||5||36||0||0||14|
|$650,152||3,134||5 - 10 acres||3||3||0||1||0||0|
|$441,990||2,230||5 - 10 acres||3||2||1||0||0||427|
|$274,975||1,994||1 - 2.5 acres||4||2||75||1||0||17|