Dear Neighbor,

As a Midlothian homeowner, when you find that your current home has several rooms that you rarely use anymore, that’s usually when you decide to sell. However, you know that the stakes are high. Selling a home is a major life event, and two back-to-back transactions.

For most of us, our homes are the largest asset we’ll ever own—so you are right to want to understand this asset and the market you are in. As you consider selling, you deserve insight from an expert in your local market who will help you to maximize your sale price and enjoy a seamless process from listing to closing. Here are the top things to know about the Midlothian real estate market right now:

Inventory Is Still Low and the Demand is Still High

We haven’t had a ‘healthy’ inventory of homes in Midlothian since the beginning of 2016. Since the beginning of 2020, there has been an inherently limited number of properties available with  consistently high demand.  Midlothian regularly sees a boost in sale prices, and this three year trend has continued to push sale prices even higher. The sale-to-list percentage (how close the actual sale price was to the original list price) was at 102.5% in June. To capitalize on your investment, you want to work with a real estate expert who understands how to strategically price and market your home so you get maximum return.

Median Sale Price is Still on the Rise

When correctly priced and positioned well on the market, homes are selling at or above list price—with only an average of 5 days on market. Median sale price has climbed even higher to $481,250 in June, up from $450,000 just one year ago, and $335,000 from 2020! These stats really add up when you are selling your largest financial asset–and that’s exactly why you deserve a strategic marketing plan.

We Continue to See Homes Sell With Multiple Offers

The market is quite active, and it’s not showing any signs of slowing. With the right strategic plan, pricing, and positioning for your property and your goals, we can attract maximum offers and get your home sold for the highest possible price in the fewest days on market.

As a homeowner, what does this mean for you?

If you’re thinking about selling in the next 12 months, now is the time to start preparing for market.

When you work with me, I tailor my approach to you. I make sure you feel comfortable and confident throughout your entire home sale. I also use exclusive strategies that can boost your return on your investment and get your home sold to not just the most qualified buyer, but the ‘right’ buyer.

My knowledge of the local market, responsiveness to communication, and resourcefulness are just a few reasons why my clients have trusted me for the past 16 years with their largest asset.

If you are thinking about selling your home in the next 12 months, call me today for your Strategic Marketing Consultation → 804-366-6550

We will cover your goals in detail and I will outline my step-by-step strategy for getting you the  highest possible price in the fewest days on market.

Call Today → 804-366-6550

Carol Van Horn

License # 0225213235
The Hogan Group Real Estate
www.hogangrp.com
carol@hogangrp.com
804-366-6550

Midlothian Market Highlights

Single-Family Home Stats	June 2022 vs. June 2023	Analysis
Median Sale Price	↑ Up 7%	Median sale price is now at $481,250, up 7% from $450,000 in June 2022. When you price correctly from day one, you can maximize offers and ultimately sell for the highest possible price as quickly as possible.
Median Days on Market	Holding Steady	Median days on market are still exceptionally low, at 5 in June. Current high demand and low supply play a major role. Strategic pricing and marketing will ensure your home sells for top dollar in a few days on market.
Sale-to-List Price Ratio	↓ 3.1%	Sales price vs. List price fell from 104.1% to 102.5% this past month. Correctly pricing and strategically marketing homes is especially important. Starting with an expert strategy from day one to sell for the highest possible price in the fewest days on market is crucial.
Price per Square Foot	↑ Up 5.2%	Demand in Midlothian is on the rise, and price per square foot is now at $201/sq. ft. in June. We saw a historic 40% increase from June 2019 to June 2022. At 5.2%, we are now seeing a more normal appreciation. To maximize your results, it’s extremely important to have a proven strategy and expert guidance from the beginning.

Source: CVRMLS

 

Looking Ahead

Here’s what we’ll be watching over the coming months:

1. Low Supply of Available Homes

Midlothian continued to have low inventory in June, and there’s no telling when it will slow down. With inventory low and the median sale price steadily increasing—up 7% in June compared to June 2022—sellers who work with an expert to properly position themselves on the market can generally expect to secure a nice return.

2. Buyers Are Eagerly Searching

Buyers are eager to scoop up the available inventory. The days on market in June was only 5 days, continuing with the trend of the past 3 months, and the same as June 2022. With inventory as low as it is, it’s a great time to sell. Regardless of what twists and turns the market takes, to truly maximize your return on investment, it’s crucial that you strategically position your home to buyers.

3. Continued Growth In Midlothian

As Midlothian develops, we’ll continue to see property values increase. Here are just a few things to note:

• Midlothian was ranked #20 in the country in 2020 by Money.
• Purchasers from Northern Virginia, as well as other states, continue to move into the area to purchase homes. The slower pace and more affordable housing is very attractive.
• Midlothian continues to grow with new developments of townhomes, condos and new restaurants and shopping.

4. What to Expect When Selling Your Home

The market consistently evolves–and you deserve to sell for the highest possible price no matter what. The right marketing strategy, pricing knowledge, and negotiation power are what make the difference when you’re ready to sell your home and embark on what may be one of the largest financial transactions of your lifetime.

If you are thinking about selling your home in the next 12 months, call me today for your Strategic Marketing Consultation → 804-366-6550