A strong economy and continued falling unemployment have created a favorable real estate market throughout Virginia.
According to the Virginia Realtors monthly home sales report, the valley region, which includes Frederick, Shenandoah and Warren counties, has had an especially good year as sales have increased 12 percent from April 2018 to April 2019. That change is the best throughout the state over the same period.
Shenandoah County had a strong 25 percent increase in the number of units sold, according to a Bright Multiple Listing Service reports. Total volume in sold homes in April increased from $9,701,200 in 2018 to $14,226,950 this year.
Sellers had more fortune than buyers this year as the average sold price also increased over the year from $186,562 to $218,876.
Warren County experienced slightly less growth than Shenandoah County across the board, though they started from a higher floor — its total units sold moved 18 percent over the year compared to Shenandoah but only six fewer units sold in Warren than Shenandoah County.
Average sale prices in Warren also started out and finished higher than Shenandoah, though climbing at a slower rate. In April 2018, the average sold price of a home was $237,868 compared to 2019’s average price of $262,379.
Frederick County had the strongest figures of the three counties, posting a total of $41,491,113 in sales.
All three counties saw increases to the number of sales despite a continued supply tightening.
Active listings dropped in both Warren and Shenandoah counties. Both counties served as outliers to state figures as the average number of days a home is on the market is 53 and falling. Warren County experienced no change in the average number of days a home is on the market — 84 days from April to April — and Shenandoah County figures went up about 11 percent over the year.
Potential homebuyers might be constricted by limited supply and increasing costs but mortgage rates reached a year-long low in April and the homes in the $200,000 to $299,999 range were once again made up roughly a quarter of the proportion of all sales in April.