Winchester Housing Market Sees Increased Median Sale Prices in March 2014

April 23, 2014

Market Minute LogoThe greater Winchester, Va., real estate market, including Frederick, Shenandoah and Warren counties and the city of Winchester, experienced positive trends in March, according to The Long & Foster Market Minute reports. According to March data, median sale price increased throughout the market.

The Long & Foster Market Minute reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.

March 2014 Market Minute Chart

In March, the median sale price increased throughout the Winchester region. Winchester City experienced a 14 percent increase in median sale price, while Frederick County saw an 8 percent increase in median sale price. Warren County saw a 4 percent increase in median sale price and Shenandoah County experienced a 2 percent increase.

Homes in the Winchester area are continuing to sell at a solid pace according to March data. Frederick County experienced a days on market (DOM) average of 65 days, followed by Winchester City at an average of 73 DOM. Warren County saw a DOM of 87 days and Shenandoah County experienced a DOM average of 111 days.

The number of homes sold decreased from 2 percent to 38 percent throughout the Winchester region in March compared with the same month in 2013. Inventory decreased by 2 percent in Warren County, and increased by 14 percent to 29 percent in the rest of the area.

“Though the housing market got a slow start this year after a harsh winter, we’re beginning to see some positive trends happening in the real estate market, including in the Winchester region,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “In many places, we’re seeing homes selling quickly and increasing in median sale price. Now that the temperatures are heating up, we expect to see many continued improvements in the market.”

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.