Diane Olick with NBC News states the following (Data is nationwide):
Sales of previously owned homes dropped 5.4% in June compared with May.
Inventory jumped 23.4% from a year ago to 1.32 million units at the end of June, coming off record lows but at a 4.1-month supply.
The median price of an existing home sold in June was $426,900 (NOT IN LOUDOUN COUNTY), an increase of 4.1% year over year Lawernce Yun, Chief Economist at the National Association of REALTORS® states in his recent post on LinkedIn that foreigners stepped back from the U.S. housing market last year. Maybe it is a good thing since inventory was tight and we would not want to see foreigners outbid domestic buyers.Â
In another LinkedIn post, Lawerence Yun stated that new apartment units completed reached a 50-year high in June. That is truly a wow. Rent has stopped rising in many cities due to the oversupply of rental units.Â
Rents on apartments or single-family rentals have fallen in Austin, Nashville, Charlotte, and Phoenix where the supply has been even more overwhelming. This indicates that rent controls are not needed, but more supply to address housing affordability.Â
Let's look at June 2024 Data in Loudoun County, VA, Jefferson County, WV, and Frederick County, VA.
The stats below show what is happening in Loudoun County:
Loudoun County, VA
Closed Sales for June 2024 are down 3% over June 2023 and up 7% since May 2024.
The Average Sold Price for June 2024 is 8.8% higher than June 2023 and down 2.4% since May 2024.
The average days on the market is 13 days which is 7.1% fewer days than June 2023 and 30% more than May 2024.
How does this resonate with you? Home prices remain stable and aren't increasing as much as a year ago or during COVID. Buyers are still buying, and there's more available inventory than in years past. Buyers have a little more time to think.
Are multiple offers being made? Especially for homes that score a 9 or 10 in terms of maintenance and aesthetics. Sellers should focus on preparing their homes to maximize their returns on investment.
According to Curbio, Inc., a leading pay-at-closing home improvement solution for real estate, nearly half of sellers underestimate the need for updates before listing, despite reports indicating buyers prefer move-in ready homes.
For sellers in Loudoun County, it's crucial to prepare your home for sale. We've transitioned from the COVID era where properties sold effortlessly; now, readiness and presentation are key factors in attracting buyers.
Closed sales for June 2024 have increased since June 2023.
Jefferson County, WV
Closed Sales for June 2024 are up 23.9% over June 2023 and down 10.7% since May 2024.
The Average Sold Price for June 2024 is 2.5% higher than June 2023 and down 1.5% since May 2024.
The average days on the market is 30 days which is 50% more days than June 2023 and 20% more than May 2024.
Closed sales for June 2024 have increased since June 2023.
Frederick County, VA
Closed Sales for June 2024 are up 16.5% over June 2023 and up 5% since May 2024.
The Average Sold Price for June 2024 is .7% lower than June 2023 and down 4% since May 2024.
The average days on the market is 29 days which is 11.5% more days than June 2023 and 7.4% more than May 2024.
Closed sales for June 2024 are about the same as June 2023.
In conclusion, there remains a significant number of prospective buyers in Loudoun County, who want to buy. There seems to be an increase in inventory in Loudoun County. Sellers still feel that their homes are worth more and buyers who think the homes are overpriced. I am seeing a lot of buyers needing homes priced from 700-850k. The higher interest rates have decreased buyer's buying power. The biggest Question- Will interest rates drop?
Sellers, ensuring your home is meticulously prepared and poised for sale is crucial. Additionally, pricing your home at fair market value is essential. Two vital steps I always recommend are conducting a pre-inspection of your property and obtaining a comparative market analysis or an appraisal before listing your home for sale.
Buyers, be prepared to present your strongest offer when entering negotiations on a 10 out of 10 home! Also, realize you can ask for contingencies and subsidies on homes that need cosmetic repair. We are not quite in a buyer's market but we are moving that way!
I am also seeing those who are priced out of the Loudoun County Market buying in Jefferson County, WV. & Winchester, VA.
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