The Winchester real estate market experienced an increase in median sale prices in July, according to The Long & Foster Market Minute reports. The greater Winchester, Virginia, real estate market includes Frederick, Shenandoah and Warren counties and the city of Winchester. The Long & Foster Market Minute reports are based on data provided by the Metropolitan Regional Information System and its member association of Realtors and include residential real estate transactions within specific geographic regions, not just Long & Foster sales.
Median sale prices rose in the Winchester region in July, with Warren County experiencing a 14 percent increase and Shenandoah County experiencing a 9 percent increase. In Frederick County, the median sale price rose by 4 percent over the previous year, and in Winchester City it increased by 2 percent.
The number of homes sold varied in the Winchester region in July compared to the same month in 2016, with Warren County experiencing a 12 percent increase. In Shenandoah County, the number of homes sold increased by 9 percent. Frederick County and Winchester City experienced decreases of 17 percent and 27 percent, respectively.
Active inventory fell across the Winchester region in July. Warren County experienced a decrease of 22 percent, followed by both Frederick County and Winchester City with a decrease of 18 percent. Shenandoah County experienced an 11 percent decline in active inventory.
Homes in much of the Winchester area sold at a steady pace according to July data. Winchester City saw the lowest days on market (DOM) average at just 33 days, followed by Frederick County at 43 days and Warren County at 55 days. Shenandoah County had a DOM average of 65 days.
“While many feel optimistic about the U.S. economy as a whole, the issue of low inventory continues to curb the efforts of many who are in the market to buy a home, including homebuyers in the Winchester region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “The good news is that new home construction has been gradually but steadily increasing, which should help provide some relief, and mortgage rates remain low as we head toward the end of summer.”
The Long & Foster Market Minute is an overview of market statistics based on residential real estate transactions and presented at the county level. The easy-to-read and easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, months of supply, new listings, new contracts, list to sold price ratio, and days on market. Featuring reports for more than 500 local areas and neighborhoods in addition to more than 100 counties in eight states, The Long & Foster Market Minute is offered to buyers and sellers as they aim to make well-informed real estate decisions.
The Long & Foster Market Minute reports are available at www.LongandFoster.com, and you can subscribe to free updates for the reports in which you’re interested. Information included in this report is based on data supplied by MRIS, which is not responsible for its accuracy. The reports do not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of MRIS or Long & Foster Real Estate.