With continued low inventory in the Winchester real estate market, many parts of the region enjoyed rising median sale prices, 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 compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.
In November, the median sale price rose in half the Winchester region, with Shenandoah County experiencing an increase of 11 percent and Winchester City seeing a 10 percent jump. Warren County had no change in the median sale price, while Frederick County saw the only drop at 8 percent.
The number of homes sold varied throughout the Winchester region in November compared to the same month in 2013. The only increase occurred in Winchester City, where the number of homes sold rose by 26 percent. Both Shenandoah and Warren counties had no change in the number of homes sold, while Frederick County saw a slight 3 percent drop.
In the Winchester region, active inventory decreased by 3 percent in Frederick County and by 2 percent in both Warren County and Winchester City. Inventory remained the same year-to-year in Shenandoah County.
Homes in the Winchester area are continuing to sell at a solid pace according to November data. Warren County experienced the lowest days on market (DOM) average at 58 days, followed by Frederick County at an average of 68 DOM. Winchester City saw a DOM of 77 days and Shenandoah County experienced a DOM average of 105 days.
“Throughout the Mid-Atlantic and Northeast regions, including in the Winchester area, we’ve seen many positive trends in real estate, from increased activity to rising median sales prices,” said Jeffrey S. Detwiler, president and COO for The Long & Foster Companies. “I anticipate that the market’s steady end-of-year growth will continue through December, and I’m optimistic for the coming year, which will benefit from increased housing affordability and rising consumer confidence.”
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 users can subscribe to free updates for the reports in which they’re interested.