In Linkedin today, Lawrence Yun, Chief Economist for NAR stated, "Inflation is moving in the right direction, but it is not quite at the point for the Feds to cut the interest rate. The all-important consumer price inflation rose by 3.3% from a year ago. “Core” inflation decelerated to 3.4%. Its slowest gain in 3 years. The target is 2% inflation".
The recent peak inflation rate of 9% two years ago was a shocker, precipitating the aggressive interest hike policy by the Fed. The central bank can reverse that policy as better inflation figures continue in the upcoming months.
The timing of the first rate cut is uncertain. However, the longer-term outlook is for the Fed to cut interest rates by 6 to 8 rounds by the end of next year. Home prices will remain solid, and home sales will increase, especially in regions with rising inventory and job additions. Thank You for this data Lawerence Yun.
I am providing a market update for three counties: Loudoun County, VA, Frederick County, VA, and Jefferson County, WV. The information provided is based on January 2024 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.
Real Estate Market Update- Frederick County Home Prices Increase, Average Days on Market decreases!
In May 2024 the Frederick County real estate market saw many changes from May 2023 and April 2024. The following bullet points highlight the stats:
Closed Sales were up 31.8% from May 2023 and up 4.4% since April 2024.
Average Sold Price was up 11.6% over May 2023 and up 3.1% since April 2024.
Average Days on the Market was 27 days, 20.6% shorter than April 2024 & 13.6% shorter than April 2024.
May 2024 Sales are looking better than May 2023 sales. 2024 Sales are slightly up over 2023 Sales. Is this good news?
Real Estate Market Update- Invest in Jefferson County! The Numbers don't lie.
In May 2024, Jefferson County's real estate market saw many changes from May 2023 and April 2024. The following bullet points highlight the stats:
Closed Sales were up 60.5% from May 2023 and up 19.6% since April 2024.
Average Sold Price was down 7.4% over the same time last year and down 34.2% since April 2024.
The average day on the market is 25 days. This is 7.4% shorter than May 2023 & 34.2% shorter than April 2024.
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Closed & Pending Sales are holding steady. Sales are higher than the 2021 Sales/COVID year. The market continues to grow due to affordability and proximity to Loudoun County, VA. It's a great place to invest!!!!
Loudoun County Housing Market: Sales Price Increase and Days on Market is Less
In May 2024 Loudoun County's real estate market saw many changes from the previous year and month. The following bullet points highlight the stats:
Closed Sales were down 3.8% from May 2023 and up 7.8% since April 2024.
The Average Sold Price was up 6.7% more than the same time last year and up .5% since April 2024.
The average days on the market was10 days. This is 16.7% shorter than May 2023 and 33.3% shorter than April 2024.
Closed & Pending Sales are the same as last year!
Real Estate Market Summary
The Jefferson County real estate market is Hot! New construction in Jefferson County is helping to boost sales. 4,700 new homes have been approved. Is Jefferson County becoming a little Loudoun County? Loudoun prices keep RISING and pushing buyers west. In my opinion, Investing in Jefferson County, WV is a GREAT idea. I also believe West Virginia has a strong second home buyer's market. Families living in the DC/MD metropolitan want a vacation home not more than 3 hours away. West Virginia is convenient and Wild & Wonderful! Give me a call to INVEST IN JEFFERSON COUNTY, WV!
Loudoun County has seen the lowest sales volume in May. It mimics May 2023. The average sold price increased 6.7% over May 2023 and prices barely increased since last month. I ask myself, Is Loudoun County's home values flattening out?
Frederick County home's average sold price is up and average days on the market are down. Frederick's sales are up for May 2024.
Jefferson County, WV is getting the overflow from Loudoun.
In conclusion, If inflation falls, interest rates will fall. We need interest rates to fall to help first-time home buyers afford a home so they have a choice to buy or rent. Right now renting outweighs purchasing, in some cases. The time to start looking is now and be prepared with your pre-approval letter. Buyers, housing is hard to find! We have no idea where interest rates are going. Opting to buy now and refinance in the future is the only good answer.
If you would like to see metrics for your local neighborhood or an estimate of your home's current value, contact me at sherry.santmyer@huntcountrysir.com.
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