
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 December 2022 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 December 2022 saw many changes from December 2021 and even from November of 2022. The following bullet points highlight the stats:

Closed Sales were down 38.4% from December 2021 and down 4.1% since November 2022.
Average Sold Price was up 1.7% over the same time last year and down 1.8 % since November 2022.
Average days on the market is 40 days which is a 100% increase over December 2021.

December 2022 Contract Snapshot
Closed & Pending Sales dropped from 313 to 183 from December 2021 to December 2022. This is the lowest number for November in the past 5 years.

Jefferson County, VA real estate market in December 2022 saw many changes from December 2021 and even from November 2022. The following bullet points highlight the stats:
Closed Sales were down 44.3% from December 2021 and down 37.2% since November 2022.
Average Sold Price was up 6.9% over the same time last year but down 1.8% since November 2022.
Average days on the Market is 58 days which is a 346.2% longer than December 2021.

Closed & Pending Sales dropped from 251 to 170 from December 2021 to December 2022. December 2018, 2019 and 2022 have very similar numbers.
Loudoun County, VA real estate market in December 2022 saw many changes from December 2021 and even from November of 2022. The following bullet points highlight the stats:

Closed Sales were down 39.1% from December 2021 and up .9% since November 2022.
Average Sold Price was down 3.5% over the same time last year and down 8.6% since November 2022.
Average Days on the Market is up to 30 days, this is 50% longer than December 2021 & 11.1% more than November 2022.

Closed & Pending Sales dropped from 874 to 574 from December 2021 to December 2022. This is a 5 year low.
Real Estate Market Overview
All three counties have some general commonality. The closed Sales are down from December 2021 and down since November 2022. The Average Sold Price was up over the same time last year in Jefferson County, WV & Frederick County, VA but Loudoun County's average sold price went down. The Average Days on the Market has increased since December 2021 & increased since November 2022.
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. I believe we are in a buyer's market but in need of more inventory. 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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