Much of the Winchester real estate market experienced an increase in the number of homes sold in May, 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.
The number of homes sold increased in most parts of the Winchester region in May compared to the same month in 2016, rising by 28 percent in Winchester City. In Shenandoah County, the number of homes sold increased by 13 percent, while Warren County experienced a 6 percent increase. In Frederick County, the number of homes sold declined by 3 percent in May.
Median sale prices rose in many areas of the Winchester region in May as well, with Winchester City experiencing a 37 percent jump. In both Frederick and Shenandoah counties, the median sale price rose by 5 percent over the previous year, and in Warren County it declined by 2 percent.
Active inventory fell across the Winchester region in May. Winchester City experienced a decrease of 33 percent, followed by Warren County with a decrease of 20 percent. Frederick County experienced a 16 percent decline in active inventory, and in Shenandoah County it fell by 13 percent.
Homes in much of the Winchester area sold at a steady pace according to May data. Winchester City saw the lowest days on market (DOM) average at just 40 days, followed by Warren County at 43 days and Frederick County at 52 days. Shenandoah County had a DOM average of 120 days.
“Last month, the unemployment rate in the U.S. hit its lowest level in 16 years and wages continued to increase. Even though sparse inventory continues to cause frustration in the real estate market, many areas still saw rising home sales and prices last month, including parts of the Winchester region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “This spring has been a busy one for our agents as they’ve expertly worked to guide buyers in finding a home, and we look forward to a healthy summer market.”
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.