Want to know what is happening in the real estate market in your area? Here are the most recent stats for the Midlothian real estate market!
As you can see, the number of home sold for the 10 months of this year continues to set records and continues to be even higher than in 2020! Although the number of homes sold in zip codes 23113 and 23114 was down slightly in 2021 from the number sold in the 10 months of 2020, overall the number of homes sold for the 10 months in 2021 was almost 6% higher than the number sold last year!
In all areas of Midlothian, the average sales price for the 10 months of 2021 was significantly higher than the average sales price for the 10 months of 2020!
In zip code 23112, the average sales price was almost 11% above the average sales price in 2020!
In zip code 23113, the average sales price was about 16% above the average sales price in 2020!
In zip code 23114, the average sales price was about 16% above the average sales price in 2020!
When you take a look at the average list price vs. the average sales price, you can see that in all areas of Midlothian, sellers were getting well above their asking prices for the 10 months of 2021! Contrast that with 2020, where in the 10 months of 2020, sellers were getting their asking price or slightly more!
Time on the market (the number of days between when a house goes active on the market and the seller accepts an offer) was significantly shorter in the 10 months of 2021 than it was in the 10 months of 2020! It took less than 20 days for homes to go under contract, while in 2020 it took almost a month or slightly more for a seller to accept an offer!
Finally, as you can see, the inventory as of the end of October/beginning of November continues to be exceedingly tight - in all of Midlothian, there are only 38 active listings on the market for buyers to choose from, while another 264 homes are currently under contract waiting to be closed! Another way to look at this is that, as of the end of October, there were 174 homes on average per month sold in 2021 - with only 38 active listings available for buyers to choose from, it means that there is only a few weeks worth of inventory available. This is what has been helping to drive the pricing up in the Midlothian area!
If you are thinking of selling your house, it is not a given that you can overprice your home and expect buyers to pay more than what they think it is worth. Many buyers are, but there are many buyers who won't. So the best advice is to make sure your home is priced well to begin with, you have great pictures online (as this is where many buyers start their search) and your home is in show ready condition!
And if you are trying to buy a home in this market you need to be prepared to go in with your highest and best offer, because many times you will be competing with other buyers for the same house! At the same time, you may not be the person to win the bidding war on a particular home - you need to be prepared to potentially make several offers before you get the home you offered on!
The market continues to be very tight! I don't see this type of market ending any time soon, but buyers are able to buy and sellers are able to sell! Feel free to contact me and let me know how I can help! I live in Midlothian, my office is in Midlothian and I work in Midlothian! I keep up with what is happening in Midlothian!