The following totals represent the Warren County, Virginia market as of August 2009:
- New Listings: 110
- Closed Sales: 36
- Pending Sales: 57
- Median Sales Price: $141,500
- Average DOM: 123
Located west of the District of Columbia, Warren County has seen the year to date days on the market (DOM) increase from 145 to 169 days. Compared to August 2008, DOM has been reduced 11.8% from 139 to 123 days in August 2009. For the month, median sales price experienced a decline to $141,500, while the year to date average sale price stands at $153,000.
The county had 449 total units for sale in August of 20009 versus 589 in August of 2008. Inventory is increasing and prices seem to be slowly creeping down. This opens the door for a great investment opportunity. Rents are holding steady and therefore cash flow is available when you buy and rent. As prices drop, so does the percentage of sale price versus listing price, meaning further discounts. Year to date, listings are selling for 87.4% of their list price–down 2.4% from the same time in 2008. Warren County is a great place to take advantage of buying low. With its close proximity to Washington, DC, prices are sure to rise again.