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 October 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 October 2022 saw many changes from October 2021 and even from August of 2022. The following bullet points highlight the stats:
Closed Sales were down 33.8% from October 2021 and down 12.5% since September 2022.
Average Sold Price was up 20.7% over the same time last year and up .8% since September 2022.
Average Days on the Market is up to 32 days, this is 100% longer than last October 2021 & 14.3% longer than September 2022.
September 2022 Contract Snapshot
Closed & Pending Sales dropped from 396 to 251 from October 2021 to October 2022. This is the lowest number for October in the past 5 years.
Jefferson County, VA real estate market in October 2022 saw many changes from October 2021 and even from September 2022. The following bullet points highlight the stats:
Closed Sales were down 47.7% from October 2021 and down 31.3% since September 2022.
Average Sold Price was up 4.9% over the same time last year but down .1% since September 2022.
Average Days on the Market is up to 40 days, this is 81.8% longer than October 2021 & 29% longer than September 2022.
Closed & Pending Sales dropped from 320 to 199 from October 2021 to October 2022. Sales look like the are normalizing after COVID rush.
Loudoun County, VA real estate market in October 2022 saw many changes from October 2021 and even from September of 2022. The following bullet points highlight the stats:
Closed Sales were down 36% from October 2021 and down 12.1% since September 2022.
Average Sold Price was up 12.8% over the same time last year and up 7.5% since September 2022.
Average Days on the Market is up to 24 days, this is 71.4% longer than October 2021 & 4% less than September 2022.
Closed & Pending Sales dropped from 1345 to 806 from October 2021 to October 2022. This is a 5 year low.
Real Estate Market Overview
All three counties have a general commonality. The closed Sales are down from October 2021 and down since September 2022. The Average Sold Price was up over the same time last year and up since September 2022. The Average Days on the Market has increased since October 2021 & increased since September 2022.
In conclusion, we are seeing lots of buyers ready to purchase but have not found the exact home they desire. We are also seeing sellers that are contemplating listing their home. We are moving to a buyer's market and 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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