Areas of the Winchester real estate market experienced an increase in median sale price in October, according to The Long & Foster Market Minute reports. The greater Winchester, Va., 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 Metropolitan Regional Information System and its member associations of Realtors and include residential real estate transactions within specific geographic regions, not just Long & Foster sales.
Median sale prices rose in parts of the Winchester region in October, with Shenandoah County experiencing a 22 percent increase and Warren County experiencing a 10 percent increase. In Frederick County, the median sale price did not change from the previous year and in Winchester City it declined by 4 percent.
The number of homes sold fell in the Winchester region in October compared to the same month in 2015. Both Warren County and Winchester City saw a 12 percent decline, while Frederick County saw a 14 percent decrease. Shenandoah County experienced a 33 percent decrease in the number of homes sold compared to last year.
In the Winchester region, active inventory decreased by 26 percent in both Shenandoah County and Winchester City. In Frederick County, active inventory fell by 20 percent, while it declined by 10 percent in Warren County.
Homes in the Winchester area are continuing to sell at a steady pace according to October data. Frederick County saw the lowest days on market (DOM) average at 52 days, followed by Warren County at 56 days and Winchester City at 60 days. Shenandoah County had a DOM average of 76 days.
“The U.S. economy saw promising signs in October, such as an uptick in wage growth and higher-than-expected retail sales. In the housing market, we continued to see positive trends as well, including in the Winchester region where we saw some rising median sale prices,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Although low inventory has increased the burden on demand for homes, many are still purchasing property in an effort to take advantage of low mortgage rates.”
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.