The Winchester real estate market enjoyed rising median sale prices in January, 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 January, the median sale price rose throughout the Winchester region, with Winchester City experiencing an increase of 32 percent and Shenandoah County seeing a 19 percent jump. Median sale price rose by 11 percent in Warren County and 10 percent in Frederick County.
The number of homes sold varied throughout the Winchester region in January compared to the same month in 2014. The only increase occurred in Winchester City, where the number of homes sold rose by 5 percent. Warren County saw no change in the number of homes sold, while Frederick County and Shenandoah County saw declines of 1 percent and 39 percent, respectively.
In the Winchester region, active inventory decreased by 20 percent in Warren County and by 8 percent in Shenandoah County. Winchester City experienced a 6 percent drop in inventory, and Frederick County saw no change compared to the same month the previous year.
Homes in the Winchester area are continuing to sell at a steady pace according to January data. Winchester City saw the lowest days on market (DOM) average at 72 days, followed closely by Frederick County at 73 days. Warren County had a DOM average of 76 days and Shenandoah County experienced a DOM average of 94 days.
“In January, we saw some positive trends happening in the Mid-Atlantic and Northeast real estate market, including in the Winchester region, with areas seeing increases in median sale prices, as well as low inventory,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “These are some good developments in the world of real estate, and we’re expecting to see a healthy spring market in 2015.”
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.
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