Prices rose in the Winchester region, as demand outpaced supply in October, according to the Long & Foster Market Minute reports. The greater Winchester, Virginia, market includes Frederick, Shenandoah and Warren counties and the city of Winchester.
In Frederick County, the median sale price rose 17 percent to $263,000 from $225,000 a year earlier, while inventory fell 20 percent. In Shenandoah County, the median sale price fell 10 percent while units sold and active inventory were also down. Active inventory showed double-digit declines across the area.
Larry “Boomer” Foster said the current overall market conditions are likely to continue through 2018. In markets like Winchester, where prices are not as high as in larger metro areas like Washington, D.C., investors who bought rental properties during the height of the market are holding them.
“Institutional investor activity is keeping inventory down as well,” Foster said.
A buyer in today’s market needs to enlist the help of a reputable agent who will be proactive in seeking out homes for sale in desired locations, Foster said. That could mean the agent is knocking on doors or writing letters to potential home sellers. Chances of helping a client secure a home also increase when the buyer has preliminary mortgage approval from a lender.
Foster cautioned that affordability could become more of a challenge for buyers in the coming year, when interest rates are expected to edge higher.
“If interest rates move up and prices continue to appreciate, as we believe they will, then the house you want today could be unaffordable for you in the future,” Foster said. “So if you want to get in, get in now. Don’t wait.”
The Long & Foster Market Minute is an overview of market statistics based on residential real estate transactions for more than 500 local areas and neighborhoods and over 100 counties in eight states. The easy-to-read, easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, list to sold price ratio, days on market and more.
Information included in this report is based on data supplied by Metropolitan Regional Information System and its member associations of Realtors, which are not responsible for its accuracy. The reports include residential real estate transactions within specific geographic regions, not just Long & Foster sales, and they 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.