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 January 2023 saw many changes from January 2022 and even from December of 2022. The following bullet points highlight the stats:

Closed Sales were down 39% from January 2022 and down 34.4% since December 2022.
Average Sold Price was up 37% over the same time last year and down 7.5% since December 2022.
Average Days on the Market is 37 days, this is 37% longer than January 2022 & 7.5% longer than December 2022.

2023 Sales are below 2019, 2020, 2021 & 2022. The lowest January sales in the last 5 years.
Jefferson County, VA real estate market in January 2023 saw many changes from January 2022 and even from December 2022. The following bullet points highlight the stats:

Closed Sales were down 32.9% from January 2022 and down 6.8% since December 2022.
Average Sold Price was up 5.6% over the same time last year and up 4.1% since December 2022.
Average Days on the Market is up to 59 days, this is 126.9% longer than January 2022 & 1.7% longer than December 2022.


Closed & Pending Sales are holding steady. They are a lot higher than 2019 and about the same as the last 4 years. 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 January 2023 saw many changes from January 2022 and even from December 2022. The following bullet points highlight the stats:
Closed Sales were down 31.2% from January 2022 and down 40.9% since December 2022.
Average Sold Price was up 9.1% over the same time last year and up 10.3% since December 2022.
Average days on the market is 37 days, this is 164.3% longer than January 2022 and 23.3% longer than December 2022.


Closed & Pending Sales are incredibly low! The lowest in 5 consecutive Januarys. It is going to be interesting to see if this number changes for February 2023. Also, if the average sold price flattens off.
Real Estate Market Overview
I agree with all the statistics in this report. I believe 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.
I believe we are in a buyer's market and seeing more inventory through new construction.
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.
Comentarios