Real Estate Market Update in VA & WV
Are you wondering what is happening to the real estate market in your area? I am providing a market update for three counties which include Loudoun County, VA, Frederick County, VA and Jefferson County, WV. The information provided is based on April 2023 data from BRIGHT MLS. If you are interested in seeing your local market metrics, your neighborhood review and your property review, I would be happy to provide this information via email. You can send me a request for this data to sherry.santmyer@huntcountrysir.com.
Frederick County, VA real estate market in April 2023 saw many changes from April 2022 and even from March 2023. The following bullet points highlight the stats:
Closed Sales were down 38.3% from April 2022 and down 8.3% since March 2023.
Average Sold Price was up 8.3% over April 2022 and down 7.1% since March 2023.
Average Days on the Market is 33 days, this is 135.7% longer than April 2022 & 31.3% longer than March 2023.
April 2023 Sales are below 2019, 2020, 2021 & 2022. The lowest April sales in the last 5 years.
Jefferson County, VA real estate market in April 2023 saw many changes from February 2022 and even from March 2023. The following bullet points highlight the stats:
Closed Sales were down 9.7% from April 2022 and up 3.7% since March 2023.
Average Sold Price was up 2.4% over the same time last year and up 2% since March 2023.
Average Days on the Market is 17 days, this is 183.3% longer than April 2022 & 29.2% shorter than March 2023.
Closed & Pending Sales are holding steady. They are close t0 2019 and close to 2022. There are a lot of new homes being built in Jefferson County, WV. I see this market continuing to grow due to affordability and approximate to Loudoun County, VA.
Loudoun County, VA real estate market in April 2023 saw many changes from April 2022 and even from March 2023. The following bullet points highlight the stats:
Closed Sales were down 33.4% from April 2022 and up 16.7% since March 2023.
Average Sold Price was down 4.7% over the same time last year and down 1.1% since March 2023.
Average days on the market is 16 days, this is 128.6% longer than April 2022 and 20% shorter than March 2023.
Closed & Pending Sales are incredibly low! The lowest in 5 consecutive Aprils. It is going to be interesting to see if this number changes in the 2023.
Real Estate Market Overview
Jefferson County, WV is holding their own. New construction in Jefferson is helping to boost sales/contracts. I also believe that West Virginia is seeing a strong second home buyer's market. Families living in the DC/MD metropolitan area are wanting a vacation home that is not more than 3 hours away. West Virginia is convenient and Wild & Wonderful!
In conclusion, we are seeing homes staying on the market for a longer period of time. Buyers have more time to think about purchasing which they haven't had in the last year and a half. We are also seeing homes that are priced right and are a 10 out of 10, selling fast and still receiving multiple offers. Low Inventory is still a problem. If you are thinking about listing, now is the time!
If you would like to see what your local market metric, neighborhood review and your own personal property review look like, please contact me at sherry.santmyer@huntcountrysir.com.
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