Median Sale Prices Rose in the Winchester Market in July 2016

August 22, 2016

Market Minute LogoThe Winchester real estate market experienced an increase in median sale prices in July, according to The Long & Foster Market Minute reports. The greater Winchester, Va., real estate market includes FrederickShenandoah 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.

WinchesterMM July2016 chart

In July, median sale prices rose throughout the Winchester region, with Winchester City experiencing an increase of 24 percent and Warren County seeing an increase of 19 percent compared to the previous year. The median sale price increased by 9 percent in Frederick County and it fell by 2 percent in Shenandoah County.

The number of homes sold varied in the Winchester region in July compared to the same month in 2015. Winchester City saw a 14 percent jump, while Warren County saw a 4 percent increase. Shenandoah County experienced a 7 percent decrease in the number of homes sold compared to last year and Frederick County experienced an 11 percent decrease.

In the Winchester region, active inventory decreased by 28 percent in Shenandoah County and by 25 percent in Winchester City. Frederick County saw a 14 percent drop when compared to the same month the previous year, and in Warren County inventory declined by 8 percent.

Homes in the Winchester area are continuing to sell at a steady pace according to July data. Winchester City saw the lowest days on market (DOM) average at 43 days, followed by Frederick County at 56 days and Warren County at 58 days. Shenandoah County had a DOM average of 124 days.

“July brought both good and not-so-good news to the U.S. economy, with the job market remaining strong and retail sales staying flat for the month. Similarly in real estate, home sales slowed in many areas, while median sale prices increased, including in the Winchester region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “As the summer comes to a close, we anticipate that the housing market will remain healthy heading into the autumn season.”

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.