Parts of the Winchester real estate market experienced an increase in median sale prices in March, 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 areas of the Winchester region in March, with Winchester City experiencing a 38 percent jump followed by Warren County with a 15 percent increase. In Shenandoah County, the median sale price fell by 3 percent over the previous year, and in Frederick County it declined by 4 percent.
The number of homes sold varied in the Winchester region in March compared to the same month in 2016, rising by 35 percent in Shenandoah County. In Warren County, the number of homes sold increased by 15 percent, while Frederick County experienced an 8 percent decrease. In Winchester City, the number of homes sold declined by 15 percent in March.
Active inventory fell across the Winchester region, with Shenandoah County experiencing a decrease of 28 percent, followed by Warren County with a decrease of 23 percent. Frederick County experienced a 21 percent decline in active inventory, and in Winchester City it fell by 19 percent.
Homes in much of the Winchester area sold at a steady pace according to March data. Winchester City saw the lowest days on market (DOM) average at just 51 days, followed by Frederick County at 61 days and Warren County at 140 days. Shenandoah County had a DOM average of 142 days.
“March was a great month at Long & Foster and we saw numerous positive indicators of growth in the real estate market, including in the Winchester region where areas saw increases in home sales and sale prices,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “With spring in full swing and mortgage rates remaining low, more people are looking to buy and sell homes. We anticipate the season will continue to bring robust activity to the housing 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.