The Opportunity to Sell Now!
Are you wondering what is happening in the Northern Virginia real estate market and how low inventory is affecting home sales? 32% of Realtors® named a lack of inventory as the most important factor limiting potential clients from making a purchase, according to the National Association of Realtors®' 2023 Member Profile.
Lawerne Yun, NAR Chief Economist outlook for 2023 :
NAR predicts 4.78 million existing-home sales in 2023, down 6.8% from 5.13 million in 2022.
Annual median home prices are expected to increase by just 0.3%, following a 9.6% gain in 2022.
His Outlook presented in December 2022 is right on target. Please see NAR’s Lawrence Yun: Review of 2022 & Outlook for 2023.
Jessica Lautz, NAR deputy chief economist and vice president of research states "Housing inventory and affordability continue to be the top obstacles that hold back potential clients in the housing market."
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 July 2023 data from Bright MLS. If you are interested in seeing market metrics for your neighborhood or an estimate of your home's current value, I would be happy to provide this information via email. You can send me a request at sherry.santmyer@huntcountrysir.com.
"Frederick County, VA Real Estate Trends: Home Prices Surge Amidst Extended Days on Market, Marking Lowest Total Sales in Half a Decade."
In July 2023 the Frederick County real estate market saw many changes from July 2022 and even from June 2023. The following bullet points highlight the stats:
Closed Sales were up 4.6% from July 2022 and up 9% since June 2023.
Average Sold Price was up 5.2% over July 2022 and down 4.5% since June 2023.
Average Days on the Market was 28 days, this is 40% longer than July 2022 & 7.7% longer than June 2023.
June 2023 Sales are below 2019, 2020, 2021 & 2022. The lowest July sales in the last 5 years but close to 2022.
"Booming Real Estate Market in Jefferson County, WV: Surge in New Home Construction Ignites a Hot Seller's Market!"
In July 2023, Jefferson County's real estate market saw many changes from July 2022 and even from May 2023. The following bullet points highlight the stats:
Closed Sales were up 9.5% from July 2022 and up 4.6% since June 2023.
Average Sold Price was up 3.7% over the same time last year and down 4.4% since June 2023.
Average Days on the Market is 32 days, this is 88.2% longer than July 2022 & 60% longer than June 2023.
Closed & Pending Sales are holding steady. 2019,2022 & 2023 is showing similar stats. 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 Housing Market: Inventory Hits Record Low, Driving House Prices Up – Seize the Opportunity to Sell Now!"
In July 2023 Loudoun County's real estate market saw many changes from the previous year and even the previous month. The following bullet points highlight the stats:
Closed Sales were down 24.5% from July 2022 and down 23.1% since June 2023.
Average Sold Price was up 2.2% over the same time last year and up 2.5% since June 2023.
Average days on the market is 11 days, this is 8.3% longer than July 2022 and 21.4% longer than June 2023.
Closed & Pending Sales are incredibly low! The lowest number in 5 consecutive years.
Real Estate Market Overview
The Jefferson County real estate market is staying stable.. New construction in Jefferson County is helping to boost sales. More subdivisions are slated to start in the next two years. I also believe that West Virginia is seeing a strong second home buyer's market. Families living in the DC/MD metropolitan want a vacation home that is not more than 3 hours away. West Virginia is convenient and Wild & Wonderful!
Loudoun County is seeing the lowest sales volume in the last 5 years. The average sold price is lower than last month and last year at the same time. I believe there are buyers wanting to buy but inventory is still low and home values are way to high for buyers to enter the market.
Frederick County homes are selling above last month and last years average sold price. Homes are staying on the market longer.
In conclusion, I think the lack of inventory is driving the market. As Lawrence Yun, NAR Chief Economist stated, "Low inflation means low mortgage rates. Therefore, decelerating consumer prices could steadily lift home sales and increase home production in a few months." It's time for the Feds to stop raising interest rates. We also need new homes to be built to increase inventory!
If you would like to see metrics for your local neighborhood, or have an estimate of your home's current value, please contact me at sherry.santmyer@huntcountrysir.com.
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