Median Sale Prices Increase in Many Areas of the Winchester Market in August 2014

September 19, 2014

Market Minute LogoThe greater Winchester, Va., real estate market, including Frederick, Shenandoah and Warren counties and the city of Winchester, experienced positive trends in August, according to The Long & Foster Market Minute reports. The August data showed that median sale prices increased in a number of areas.

The Long & Foster Market Minute reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.

Winchester MM Chart 0914

In August, the median sale price increased in some areas of the Winchester region. Winchester City experienced an 11 percent jump in median sale price and Frederick County saw an 8 percent improvement. The median sale price increased by 3 percent in Warren County, and Shenandoah County saw a decrease of 17 percent.

The number of homes sold varied throughout the Winchester region in August compared to the same month in 2013. Frederick County experienced an increase of 11 percent, and Shenandoah County saw a 2 percent increase. Winchester City and Warren County experienced declines of 8 percent and 18 percent, respectively.

Homes in the Winchester area are continuing to sell at a solid pace according to August data. Winchester City experienced a days on market (DOM) average of 66 days, followed by Frederick County at an average of 69 DOM. Warren County saw a DOM of 88 days and Shenandoah County experienced a DOM average of 120 days. Active inventory increased throughout the entire region.

“In many areas across the Mid-Atlantic and Northeast, we’re seeing increased inventory, which means more options for those looking to purchase a home,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Median sale prices have also remained strong, and we’re seeing homes moving off the market at a fairly steady pace. Overall, the real estate market is in a healthy place for continued improvement.”

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.

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