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 January 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 February 2023 saw many changes from February 2022 and even from January of 2023. The following bullet points highlight the stats:
Closed Sales were down 11.8% from February 2023 but up 34.4% since January 2023.
Average Sold Price was down 2.9% over the same time last year and up 6%% since January 2022.
Average Days on the Market is 50 days, this is 138.1% longer than February 2022 & 35.1% longer than January 2023.


2023 Sales are below 2019, 2020, 2021 & 2022. The lowest February sales in the last 5 years.

Jefferson County, VA real estate market in February 2023 saw many changes from February 2022 and even from January 2023. The following bullet points highlight the stats:
Closed Sales were up 2.8% from February 2022 and up 34.6% since January 2023.


Average Sold Price was up 2% over the same time last year and down 1.9% since January 2023.
Average Days on the Market is 42 days, this is 82.6% longer than February 2023 & 28.8% shorter than January 2023.
Closed & Pending Sales are holding steady. They are a lot higher than 2019 and about the same as the last 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 February 2023 saw many changes from February 2022 and even from January 2023. The following bullet points highlight the stats:


Closed Sales were down 23.9% from February 2022 and up 37.8% since January 2023.
Average Sold Price was up 113.3% over the same time last year and down 13.5% since January 2023.
Average days on the market is 32 days, this is 113.3% longer than February 2022 and 13.5% shorter than January 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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