What happened to all of the dire warnings about shadow inventory and the growing supply of unsold homes? Certainly not in Centreville!
The following statistics reflect the real estate market in Centreville, Virginia:
- Homes for sale: 378 (down from 435 last month, and down slightly from 394 at same time last year.)
- Homes Sold: 126 (up from 110 in April 89 in March and February’s snowy 44 units. Up from 119 one year ago.)
- Average sold price: $347,188 (another jump up from $337,492 last month and WAY UP from $274,000 at the same time last year.)
- Average days on market: 21 (very stable over past four months, but down from 66 days one year ago)
As we have said month after month, prices in Centreville are moving up and have been for the past 18 months. The increased confidence has created a growing trade-up market and that is pushes the prices statistics up at a rapid rate. With today’s interest rates at or near all time lows, even with the rising prices, the average house payment is getting cheaper. So what’s not to like?
Market data, commentary and statistics provided by David Hess, Executive Vice President.
Search for homes in Centreville, and all of the DC Metro: www.averyhess.com