Is Midlothian, VA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Midlothian is a seller's market

Buyer's
Market

Difference Since November 2023

Since last year, Midlothian has remained a Seller's Market.

Key Takeaway

Midlothian is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Midlothian, VA

How much do homes in Midlothian, VA cost?

Median Sold Price

$436,905

$209/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$23,824(+5.8%)

Key Takeaway

Homes in Midlothian have sold for 5.8% more than they did a year ago.

Summary: The median home sold price in Midlothian was $436,905 in November 2024, up 5.8% from last year, and the median price per square foot was $209.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $185K$258K
+39.5%
2 $294.9K$304.5K
+3.2%
3 $355K$380K
+7.0%
4 $450K$468.1K
+4.0%
5+ $650K$687.7K
+5.8%

Summary: Midlothian housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 39.5%, 2 bedroom homes increased by 3.2%, 3 bedroom homes increased by 7%, 4 bedroom homes increased by 4%, and 5+ bedroom homes increased by 5.8%.

Median Sold Price Compared To Nearby Cities

Richmond
+10.3%
Richmond
+9.0%
Clover Hill
+7.1%
Midlothian
+5.8%
Tuckahoe
+5.7%

Housing Supply in Midlothian, VA

How many homes are available in Midlothian, VA?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
606585-3.5%

Summary: The Midlothian real estate market had 585 homes for sale in November 2024, a 3.5% decrease compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 1016
+60.0%
2 4852
+8.3%
3 224229
+2.2%
4 214190
-11.2%
5+ 11098
-10.9%

Summary: The Midlothian housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 60%, 2 bedroom homes increased by 8.3%, 3 bedroom homes increased by 2.2%, 4 bedroom homes decreased by 11.2%, and 5+ bedroom homes decreased by 10.9%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
160131-18.1%

Asking Price vs. Sold Price

37 Homes Were Sold
Under Asking

40 Homes Were Sold
At Asking

53 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Midlothian, you could pay more than the asking price. 40.8% of homes here sold above asking price last month.

Summary: A total of 131 homes were sold or pending in Midlothian in November 2024, down by 18.1% month-over-month. Of the 130 sold homes, 28% were sold under asking, 31% were sold at asking, and 41% were sold over asking.

Days on Market for Midlothian, VA

How long does it take to sell a home in Midlothian, VA?

Average Sale Time

Nov 2023Nov 2024CHANGE
25 Days25 Days+1.4%

Summary: Homes in Midlothian had an average of 25 days on market in Nov 2024, up by 1.4% compared to last year.

Breakdown of Home Sale Times

94 Homes Were Sold
Under 30 Days

32 Homes Were Sold
In 30 - 90 Days

4 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Midlothian are selling fast, if you're buying plan to act quickly.

Summary: During November 2024, 131 homes were sold in Midlothian; 72% of homes were sold within 30 days, 24% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 17 Days Ago

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