Here is a quick snapshot of the market wrap-up for Warren County/Front Royal:
This market follows closely to the Prince William and Manassas City market, however average prices are less.
- 115 New Listings
- 42 Sales
- $181,250 Avg sale price
- 174 Days on Market
Little has changed between July 2008 and July 2009. Overall, 2008 to 2009 inventory has dropped 16% and there has been a 30% increase in sales The year to date average sale price is $153,000. There are 440 single family homes, town homes and condos on the market as of end of July data.
Unless a large influx of inventory floods the market, this area may have seen the bottom of prices. Unemployment has seemed to peak and things are stabilizing. Front Royal makes a great place to buy to avoid the multiple offers and hard to find a home for sale, even with inventory being less than Prince William County. There are fewer buyers to compete with. Taxes are less than Prince William and cost of living including real estate are less than Prince William County, thus offsetting the commuting costs.
Homes in Warren county offer uniqueness. Older homes with great character acan be purchased at a fraction of the cost of old town Manassas and Warrenton. New homes tend to have more land and great views. The views can be trees, mountains, rolling hills and the Shenandoah river. I think prices will hold steady until more people realize this hidden gem.
Warren County/Front Royal Market Report compiled by Steve Mayes, Managing Broker, Avery-Hess, Realtors.
Search for homes in Warren County and Front Royal: www.averyhess.com