Areas of the Winchester real estate market experienced an increase in median sale prices in June, 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 parts of the Winchester region in June, with Shenandoah County experiencing a 13 percent increase and Frederick County experiencing a 4 percent increase. In Winchester City, the median sale price fell by 7 percent over the previous year, and in Warren County it declined by 10 percent.
The number of homes sold declined in most parts of the Winchester region in June compared to the same month in 2016, though Frederick County experienced a 4 percent increase. In Winchester City, the number of homes sold decreased by 8 percent, while Warren County experienced a 9 percent decrease. In Shenandoah County, the number of homes sold declined by 30 percent in June.
Active inventory fell across the Winchester region in June. Winchester City experienced a decrease of 24 percent, followed by Warren County with a decrease of 21 percent. Frederick County experienced a 15 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 June data. Winchester City saw the lowest days on market (DOM) average at just 39 days, followed by Frederick County at 42 days and Warren County at 57 days. Shenandoah County had a DOM average of 74 days.
“Job growth surged in the U.S. in June, and we continued to see positive signs of growth in the real estate industry as well. Despite low inventory, many areas of the Mid-Atlantic and Northeast saw rising median sale prices, an increase in home sales or both, including in the Winchester region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “After a hectic spring season, we look forward to what the end of summer and start of fall will bring.”
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.